80 ENRA GROUP BERHAD ANNUAL REPORT 2024 Audit, Risk Management and Sustainability Committee Report (Cont’d) COMPOSITION AND MEETING (CONT’D) The Board evaluated the ARMSC and its members’ performance through an annual Board Committee effectiveness evaluation. The Board is satisfied that the ARMSC and its members have effectively discharged their functions, duties, and responsibilities in accordance with the ARMSC’s TOR. The TOR of the ARMSC is available on the Company's website at www.enra.my. The ARMSC also assessed the head of GIA and the effectiveness of the GIA function, as well as the performance and independence of external auditors, which will then be recommended to the Board. Based on the assessment, the Board is satisfied with the overall performance of the GIA function as well as the performance and independence of the external auditors. SUMMARY OF WORK PERFORMED The ARMSC’s main scope of works for the FYE 2024 are summarised as follows: Financial Reporting The ARMSC reviewed the unaudited financial statements of the Group prior to making the recommendations to the Board for approval as follows: Date of Meeting Reviewed of Unaudited Quarterly Financial Statements / Audited Financial Statements 17 May 2023 Fourth Quarter ended March 2023 21 June 2023 Audited Financial Statements of the Group and the Company for the FYE 2023 24 August 2023 First Quarter ended June 2023 28 November 2023 Second Quarter ended September 2023 22 February 2024 Third Quarter ended December 2023 a) The review including its related Bursa Securities’ announcements, focusing particularly on: • The overall performance and prospect of ENRA Group; • Any changes and implementation of major accounting policies and practices and the auditor’s report highlighting the key audit matters and the implication on ENRA Group; • Compliance with accounting standards and other legal requirements; and • Significant accounting and audit issues raised by BDO in financial statements and the corresponding judgement made by Management. b) Discussed significant accounting and audit issues in respect of the audited financial statements with Management and BDO, the accounting treatments that were applied and their judgement of the items that affected the financial statements. The external auditors were of the opinion that the Company’s audited financial statements reflected a true and fair view of the financial position of the Company and its Group and in accordance with the relevant accounting standards and regulatory requirements. External Audit a) Reviewed BDO’s scope of work and audit plans for the financial year to ensure sufficient coverage in terms of scope. Prior to the audit, representatives from BDO presented their audit strategy and plan. The ARMSC also met with BDO twice on 17 May 2023 and 22 February 2024 without the presence of the Executive Directors and Management. BDO were given the opportunity to raise any matters of concern arising from their audit work. No major concerns were highlighted and BDO had also confirmed that they had received full cooperation from Management and unrestricted access to the Group’s records.
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