Wah Seong Corporation Berhad Annual Report 2020

42 WAH SEONG CORPORATION BERHAD AUDIT COMMITTEE On 18 February 2020, the AC reviewed the key findings by the External Auditors, PricewaterhouseCoopers PLT (“PwC”), for the financial year ended 31 December 2019 and subsequently on 8 April 2020, the AC reviewed the Audit Committee Report in respect of the significant audit, accounting and control matters in respect of the audit for the financial year ended 31 December 2019 as presented by PwC together with the Audited Financial Statements of the Company and the Group for the financial year ended 31 December 2019. The recommendations of the AC were presented to the Board for approval at the respective subsequent Board meetings. b. The AC also reviewed the yearly group operating and capital expenditure budget prior to recommending the same to the Board for approval. The Group Operating and Capital Expenditure Budget for the financial year 2020 were reviewed and deliberated by the AC at the AC meeting held on 18 February 2020 and were subsequently recommended to the Board for their approval. 3.2 Annual Report and Circular to Shareholders a. To ensure compliance with Bursa Malaysia Securities Berhad’s Main Market Listing Requirements, the AC reviewed and approved the WSC Annual Report 2019 in particular the Management Discussion and Analysis, Sustainability Statement, Audit Committee Report, Remuneration Committee Report, Nomination Committee Report, Corporate Governance Overview Statement, Additional Compliance Information, Statement on Risk Management and Internal Control, Statement of Directors’ Responsibilities and Summary of Significant Recurrent Related Party Transactions on 8 April 2020 and the same were recommended to the Board for their approval. b. The AC had via its Circular Resolution of the Audit Committee dated 26 March 2020 duly approved the Company’s draft Circular for the proposed renewal of shareholders’ mandate together with the proposed new shareholders’ mandate for the new recurrent related party transactions and the same was submitted to Bursa Malaysia Securities Berhad on 27 March 2020 for their limited review and approval. c. On 8 April 2020, the AC reviewed the Company’s Circular to Shareholders pertaining to the following, prior to the Circular to Shareholders being printed and published on the Company’s website:- • 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 financial assistance between the Company and/or its subsidiaries. d. The AC reviewed the amendments to the Company’s Constitution at the AC Meeting held on 8 April 2020 and the same was recommended to the Board of Directors for their review and approval for tabling at the AGM of the Company held on 23 June 2020. e. On 8 April 2020, the AC reviewed the Company’s Share Buy-Back Statement and the proposed renewal of authority to buy-back its own shares by the Company.