Tropicana Corporation Berhad Annual Report 2019

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 2019 (“ FY2019 ”) as follows:- A. COMPOSITION OF THE AUDIT COMMITTEE The Audit Committee comprised the following Directors during the FY2019:- Attendance Mohd Najib Bin Abdul Aziz (Chairman/Independent Non-Executive Director) 6/7 Hafez Mohd Hashim Bin Razman Md Hashim (Member/Independent Non-Executive Director) 6/7 Loh Chen Peng (Member/Independent Non-Executive Director) 7/7 As at 31 December 2019, 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 seven (7) meetings during the FY2019. The attendance record is as indicated in the table under item A above. 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 FY2019 upon invitation by the Chairman of the Audit Committee. The Group’s Head of Internal Audit attended all the Audit Committee meetings. The External Auditors’ attended four (4) of the Audit Committee meetings held on 24 January 2019, 20 February 2019, 2 April 2019 and 22 November 2019 during the financial year under review. During the FY2019, 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 Term of Reference (“ TOR ”). The 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 FY2019 During the financial year under review, the Audit Committee had carried out the following works in discharging its functions and duties, which are in line with its responsibilities as set out in 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 for approval before release to Bursa Securities. • Reviewed the audited financial statements of the Company and the Group for the financial year ended 31 December 2018 (“ FY2018 ”) and ensured that the statements comply with the Financial Reporting Standards for recommendation to the Board for approval. • Reviewed the significant matters highlighted by auditors in the financial statements and significant judgements made by Management. • Reviewed the adequacy of the processes and controls were in place for effective and efficient financial reporting and disclosure under the Malaysian Financial Reporting Standards (“ MFRS ”), International Financial Reporting Standards (“ IFRS ”) and the requirements of Companies Act 2016 and MMLR of Bursa Securities. Audit Committee Report Tropicana Corporation Berhad Annual Report 2019 pg 99 Sustainability at Tropicana What We’ve Governed Financial Statements & Other Information