Wah Seong Corporation Berhad Annual Report 2017

GOVERNANCE WAH SEONG CORPORATION BERHAD ANNUAL REPORT 2017 30 1. ROLE OF THE AUDIT COMMITTEE The primary function of the Audit Committee (“AC”) is to assist the Board of Directors (“the Board”) in fulfilling the following oversight objectives on the Group’s activities: • assess the Group’s processes relating to its risks and control environment; • oversee financial reporting; and • evaluate the internal and external audit processes. The Terms of Reference, including the duties and responsibilities of the AC are available on the Company’s website at www.wahseong.com . 2. MEMBERS AND MEETINGS The AC meets regularly at least four (4) times annually, with due notice of issues to be discussed and its conclusions duly recorded in the minutes by the Group Company Secretary who is the Secretary of the AC in attendance towards discharging of its duties and responsibilities. In the event the Secretary is unable to attend any of the meetings, an assistant or deputy Secretary may be appointed for that specific meeting. Additional meetings may be held at the request of the Board, the AC, the Management and the External or Group Internal Auditors. Nonetheless, the Chairman and the AC members have free and direct access to consult, communicate and enquire with any Senior Management of the Group as well as the External Auditors at any time. The Chief Financial Officer of Oil and Gas Division, the Head, Finance, Industrial Services Division, and the Head, Group Internal Audit attend such AC Meetings and the representative of the External Auditors are encouraged to attend whenever possible. Other Directors may be invited to attend such AC Meetings when necessary. The AC will meet the External Auditors at least twice a year without the presence of any executive Board members and the Management. Members and details of attendance of Directors at the AC Meetings of the Company for the financial year ended 31 December 2017 are as follows: Name Of Director Directorship Date of Appointment No. of Meetings Attended Halim Bin Haji Din (Chairman) Independent Non-Executive Director 22 May 2002 5/5 Professor Tan Sri Lin See Yan (Member) Senior Independent Non-Executive Director 20 July 2004 5/5 Tan Jian Hong, Aaron (Member) Non-Independent Non-Executive Director 3 June 2015 5/5 3. SUMMARY OF ACTIVITIES During the financial year under review, the AC conducted its activities in line with the Terms of Reference, as follows: 3.1 Financial Reporting a. In overseeing the Group’s financial reporting, the AC reviewed quarterly reports of the Group and the annual audited financial statements for the financial year ended 31 December 2016 before submission to the Board for consideration and approval. The quarterly financial statements for the fourth quarter of 2016 and first, second and third quarters of 2017, which were prepared in compliance with the Malaysian Financial Reporting Standard 134 Interim Financial Reporting, International Accounting Standards 34 Interim Financial Reporting and paragraph 9.22, including Appendix 9B of the Bursa Malaysia Securities Berhad’s Main Market Listing Requirements, were reviewed by the AC at the AC meetings held on 28 February 2017, 30 May 2017, 28 August 2017 and 29 November 2017 respectively. AUDIT COMMITTEE