Wah Seong Corporation Berhad Annual Report 2018

3.4 Recurrent Related Party Transactions a. On 26 February 2018, 16 May 2018, 30 August 2018 and 27 November 2018 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 6 April 2018 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 a. On 26 February 2018, 16 May 2018, 30 August 2018 and 27 November 2018 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 26 February 2018, 16 May 2018, 30 August 2018 and 27 November 2018 respectively, the AC reviewed the major findings in the Internal Audit Reports prepared by the Group Internal Audit together with the recommendations and the Management’s response to the findings. b. On 27 November 2018, the AC reviewed the Group Internal Audit Plan for year 2019 encompassing the time-table, budgeted man hours and the scope of planned audits of business units to be covered in 2019. 3.7 Capital Expenditure On 26 February 2018, 16 May 2018, 30 August 2018 and 27 November 2018 respectively, the AC reviewed the capital expenditures on a quarterly basis to monitor and ensure that the expenditures were within the budget being approved for 2018. 3.8 Others a. The AC had been progressively reviewing the strategic investments of the WSC Group during the financial year under review and in making the necessary decisions. b. The AC had been progressively reviewing the internal control issues of the WSC Group and the relevant improvements and recommendations as highlighted by both the External and Internal Auditors. c. The AC had been progressively amending the Terms of Reference of the Audit Committee to be in line with the amendments made to Bursa Malaysia Securities Berhad’s Main Market Listing Requirements and the Malaysian Code on Corporate Governance 2017. d. The AC had reviewed and amended the Risk Management Committee Charter at the AC Meeting held on 26 February, 2018 to ensure its relevance and to be in line with the amendments made to the Bursa Malaysia Securities Berhad’s Main Market Listing Requirements and the Malaysian Code on Corporate Governance 2017. AUDIT COMMITTEE ANNUAL REPORT 2018 39