Tropicana Corporation Berhad Annual Report 2018

ANNUAL REPORT 2018 91 WHAT WE’VE GOVERNED FINANCIAL STATEMENTS OTHER INFORMATION AUDIT COMMITTEE REPORT The Board of Directors of Tropicana Corporation Berhad (“Tropicana” or “Company”) presents the Audit Committee Report of Tropicana for the financial year ended 31 December 2018 (“FY2018”) as follows:- A. Composition of the Audit Committee The Audit Committee comprised the following Directors during the FY2018:- Attendance * Mohd Najib Bin Abdul Aziz (Chairman / Independent Non-Executive Director) 6/6 Hafez Mohd Hashim Bin Razman Md Hashim (Member / Independent Non-Executive Director) (Appointed on 19 November 2018) 1/1 Loh Chen Peng (Member, Independent Non-Executive Director) (Appointed on 19 November 2018) 1/1 Dato’ Gan Nyap Liou @ Gan Nyap Liow (Member / Senior Independent Non-Executive Director) (Resigned on 9 April 2018)) 2/2 Datuk Lim Thean Shiang (Member / Independent Non-Executive Director) (Appointed on 9 April 2018 and Resigned on 9 November 2018) 3/3 Datuk Michael Tang Vee Mun (Member / Independent Non-Executive Director) (Resigned on 19 November 2018) 5/5 * Number of meetings attended / Number of meetings held during his tenure as member As at 31 December 2018, the Audit Committee was made up of no fewer than three (3) members, who were all Independent Non-Executive Directors, including the Audit Committee Chairman. Mr. Mohd Najib Bin Abdul Aziz is a member of the Malaysian Institute of Accountants (MIA) and the Institute of Chartered Accountants in Australia (ICAA). Mr. Loh Chen Peng is a member of Malaysia Institute of Certified Public Accountants (MICPA). All members of the Audit Committee are financially literate. The composition of the Audit Committee meets the provisions of paragraphs 15.09 and 15.10 of the Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad (“Bursa Securities”). B. Meetings of the Audit Committee The Audit Committee held six (6) meetings during the FY2018. The attendance record is as indicated in the table under item A above, next to the respective names of the Audit Committee members. The Executive Directors of the Board, which included the Group Chief Executive Officer, Deputy Group Chief Executive Officer, Group Managing Director and Senior Management attended the Audit Committee meetings held in FY2018 upon invitation by the Chairman of the Audit Committee. The Group’s Head of Internal Audit attended majority the Audit Committee meetings. The external auditors’ attended two (2) of the Audit Committee meetings held on 26 February 2018 and 21 November 2018 during the financial year under review. During the FY2018, the Board was satisfied that the Audit Committee and its Members have been able to discharge its functions, duties and responsibilities in accordance with the terms of reference of the Audit Committee. The Audit Committee has direct access to the external auditors and internal auditors, or vice versa. C. Term of Reference The Audit Committee has discharged its functions and carried out its duties as set out in the Terms of Reference (“TOR”). The TOR of the Audit Committee had been revised by the Audit Committee on 15 August 2018 and approved by the Board of Directors on 23 August 2018. The revised TOR is available for reference on the Company’s website at https://www. tropicanacorp.com.my/investor-relations/ board-charter. D. Summary of Works of the Audit Committee for the FY2018 During the financial year under review, the Audit Committee had carried out the following works in accordance with its TOR: Financial Reporting • Reviewed all the unaudited quarterly financial results of the Group focusing particularly on any change in the accounting policies and its implementation, significant matters highlighted, the going concern assumption and compliance with accounting standards and regulatory requirements and any other legal requirements for recommendation to the Board before release to Bursa Securities and Securities Commission Malaysia (“SC”). • Reviewed the audited financial statements of the Company and the Group for the financial year ended 31 December 2017 and ensured that the statements comply with the Financial Reporting Standards for recommendation to the Board for approval.