Wah Seong Corporation Berhad Annual Report 2017

GOVERNANCE WAH SEONG CORPORATION BERHAD ANNUAL REPORT 2017 31 3. SUMMARY OF ACTIVITIES (CONT’D) 3.1 Financial Reporting (cont’d) On 28 February 2017, the AC reviewed the key findings by the External Auditors, PricewaterhouseCoopers PLT, for the financial year ended 31 December 2016 and subsequently on 7 April 2017, the AC reviewed the audited financial statements for the financial year ended 31 December 2016. The recommendations of the AC were presented to the Board for approval at the respective subsequent Board meetings. At the same meeting held on 28 February 2017, PricewaterhouseCoopers PLT also highlighted the recent financial reporting and regulatory developments in the MFRS 15 Revenue, MFRS 16 Leases, Companies Act, 2016 and Transfer Pricing Disclosure for Singapore entities in the financial year 2018. 3.2 Annual Report and Circular to Shareholders a. To ensure compliance with the Bursa Malaysia Securities Berhad’s Main Market Listing Requirements, the AC reviewed and approved the WSC Annual Report 2016 in particular the Management Discussion and Analysis, Audit Committee Report, Remuneration Committee Report, Nomination Committee Report, Statement on Corporate Governance, Additional Compliance Information, Statement on Risk Management and Internal Control, Statement of Directors’ Responsibilities and Summary of Significant Recurrent Related Party Transactions on 7 April 2017 and recommended the same to the Board for their approval. b. On 7 April 2017, the AC reviewed the following Circular to Shareholders before submission to Bursa Malaysia Securities Berhad for their review and approval: • Proposed renewal of shareholders’ mandate for the existing recurrent related party transactions of a revenue or trading nature and provision of financial assistance between the Company and/or its subsidiaries; and • Proposed new shareholders’ mandate for additional recurrent related party transactions of a revenue or trading nature and provision of new financial assistance between the Company and/or its subsidiaries. c. On 7 April 2017, the AC reviewed the Circular to Shareholders in respect of the proposed renewal of authority to buy-back its own shares by the Company. 3.3 External Auditors a. The AC at its meeting held on 7 April 2017, reviewed the annual assessment for the financial year ended 31 December 2016 and the performance of PricewaterhouseCoopers PLT based on the following areas: • Calibre of external auditors; • Quality processes/performance; • Audit team; • Independent and objectivity; • Audit scope and planning; • Audit fee; and • Audit communications. Being satisfied with their performance, technical competency and audit independence, the AC recommended the re-appointment of PricewaterhouseCoopers PLT as the External Auditors of the Group for the financial year ended 31 December 2017 to the Board for approval accordingly. The Board had since tabled the same to the Company’s shareholders for their approval at the Annual General Meeting of the Company held on 19 May 2017. AUDIT COMMITTEE