Wah Seong Corporation Berhad Annual Report 2017

GOVERNANCE WAH SEONG CORPORATION BERHAD ANNUAL REPORT 2017 32 3.3 External Auditors (cont’d) b. The AC had two (2) private meetings with the External Auditors on 28 February 2017 and 28 August 2017 respectively, without the presence of the Group Chief Executive Officer, the Executive Directors, Senior Management and Internal Auditors. There were no areas of concern raised by PricewaterhouseCoopers PLT that need to be escalated to the Board. c. On 28 August 2017, the AC reviewed the Audit Plan prepared by the External Auditors for the financial year ended 31 December 2017 outlining the key action items by the Management in respect of the 2017 Audit Plan, summary of significant audit and accounting matters, areas of audit emphasis based on significant risks, summary of internal control recommendations, audit reporting timeline, reliance on Internal Auditors and audit engagement team. d. The AC had progressively reviewed the fees for the External Auditors and had recommended the same for the Board’s approval. e. The AC had obtained confirmation from the External Auditors confirming their independence throughout their terms of engagement for the financial year under review. 3.4 Recurrent Related Party Transactions a. On 28 February 2017, 30 May 2017, 28 August 2017 and 29 November 2017 respectively, the AC reviewed all related party transactions and recurrent related party transactions to ensure that they were within the mandate obtained from the shareholders of the Company. b. The AC at its meeting held on 7 April 2017 reviewed the following proposals of the Group for inclusion in the Circular to the Shareholders pursuant to Bursa Malaysia Securities Berhad’s Main Market Listing Requirements for the Board’s approval: • The 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 • The 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. 3.5 Risk Management On 28 February 2017, 30 May 2017, 28 August 2017 and 29 November 2017 respectively, the AC reviewed and deliberated on the key and significant risks presented and discussed at the respective Risk Management Committee meetings held quarterly taking into consideration of the Group risks profile and risk appetite. 3.6 Internal Audit a. On 28 February 2017, 30 May 2017, 28 August 2017 and 29 November 2017 respectively, the AC reviewed the major findings in the reports prepared by the Group Internal Audit together with the recommendations and the Management’s response to the findings. b. On 30 May 2017, the AC reviewed the approval process for the Group Investments and the revised Finance and Investment Committee Charter presented by the Group Internal Audit to ensure that proper approval processes were in place with the appropriate standard operating procedures and guidelines in respect of the conduct of feasibility studies, due diligence and risk assessments, CAPEX requirements, cash flow forecast, funding requirements and external expert opinion where necessary especially for new investments in accomplishing the objectives. c. On 29 November 2017, the AC reviewed the Group Internal Audit Plan for year 2018 encompassing the time-table, budgeted man hours and the scope of planned audits of business units to be covered in 2018. AUDIT COMMITTEE