Sasbadi Annual Report 2021

48 SASBADI HOLDINGS BERHAD PRINCIPLE B : EFFECTIVE AUDIT AND RISK MANAGEMENT 1. Audit Committee The Audit Committee comprises the following members: Chairman : Tang Yuen Kin (Independent Non–Executive Director) (retired on 4 February 2021 and reappointed on 3 May 2021) Members : Dato’ Salleh Bin Mohd Husein (Independent Non–Executive Chairman) Dato’ Noor Rezan Binti Bapoo Hashim (Senior Independent Non–Executive Director) Please refer to the Audit Committee Report contained in the Annual Report for more information. 2. Risk Management and Internal Control Framework The Board recognises the importance of having effective governance, embedding risk management and internal control processes. The Board also acknowledges its overall responsibility for maintaining a sound risk management, internal control system and reviewing their adequacy and effectiveness in order to safeguard stakeholders’ investments and the Group’s assets. Details on the risk management and internal control system of the Group are set out in the Statement on Risk Management and Internal Control of this Annual Report. The Group has outsourced the internal audit function to a professional services firm, Sterling Business Alignment Consulting Sdn Bhd, which is independent of the activities and operations of the Group. The outsourced internal auditors report directly to the Audit Committee. Details on the internal audit function are set out in the Audit Committee Report and the Statement on Risk Management and Internal Control of this Annual Report. 3. Relationship with the External Auditors The Audit Committee reviews and monitors the suitability and independence of the external auditors on an annual basis. In addition, the Audit Committee has obtained confirmation from the external auditors that they are and have been independent throughout the conduct of the audit engagement. For the FYE 31 August 2021, the fees incurred by the Group in relation to the non–audit services by the external auditors amounts to RM8,000. PRINCIPLE C : INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH STAKEHOLDERS 1. Communication with Stakeholders The Board recognises the importance of maintaining effective communication between the Company and its potential investors or shareholders together with timeliness and equal dissemination of information. This will enhance their understanding of the Group’s performance and position and assist them into making informed decisions. The Board believes the AGM is a principal forum for dialog and communication with shareholders. Stakeholders are also able to obtain latest information on the Group from the Company’s website and are encouraged to contact the Company should they require more information. In this regard, Management hold meetings and engagements with stakeholders regularly upon request and through roadshows, dialogues and forums. 2. Conduct of General Meetings Notice of the AGM together with a copy of Annual Report are sent out to the shareholders at least 28 days before the date of the meeting to provide the shareholders sufficient time to prepare for the meeting and to make informed decisions at the meeting. CORPORATE GOVERNANCE OVERVIEW STATEMENT (continued)