AUDIT COMMITTEE REPORT The primary function of the Audit Committee (“AC”) is to assist the Board of Directors in fulfilling its fiduciary duties as well as providing oversight on the integrity of the Group’s financial reporting and its audit processes. The Board of Press Metal Aluminium Holdings Berhad (“Press Metal” or “the Company”) is pleased to present the following AC Report which illustrates the insights as to the manner in which the AC has discharged their duties and responsibilities during the financial year ended 31 December 2022 (“FYE 2022”). This report is prepared in compliance with paragraph 15.15 of the Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad (“Bursa Securities”) COMPOSITION The AC comprises four (4) members, all of whom are Independent Non-Executive Directors. This meets the requirements of Paragraph 15.09(1)(a) and (b) of the MMLR of Bursa Securities. The current composition of the AC is as follows:- Name Membership Designation Date of appointment Lim Hun Soon @ David Lim Chairman Independent Non-Executive Director 18 August 2020 Noor Alina Binti Mohamad Faiz Member Independent Non-Executive Director 18 October 2016 Susan Yuen Su Min Member Independent Non-Executive Director 16 July 2021 Chong Kin Leong Member Independent Non-Executive Director 1 October 2021 Serving as the Chairman of the AC, Mr. Lim Hun Soon @ David Lim is a member of the Malaysian Institute of Accountants (“MIA”) and the Malaysian Institute of Certified Public Accountants (“MICPA”). He is also a member of the Chartered Institute of Taxation, United Kingdom; and a member of The Institute of Chartered Accountants in England and Wales. Mr. Chong Kin Leong, a member of the AC, is also a member of the MIA and MICPA. The AC meets the requirements of Paragraph 15.09(1)(c)(i) of the MMLR of Bursa Securities and the Step-Up Practice 9.4 of the Malaysian Code on Corporate Governance 2021 (“MCCG”) by being comprised of only independent directors. MEETINGS The AC conducted five (5) meetings during the FYE 2022. Details of attendance of the AC members at the AC meetings during the FYE 2022 are as follows:- Name of AC Members No. of AC Meetings Attended Percentage of Attendance Lim Hun Soon @ David Lim (Chairman) 5/5 100% Noor Alina Binti Mohamad Faiz 5/5 100% Susan Yuen Su Min 5/5 100% Chong Kin Leong 5/5 100% The Group Financial Controller, External Auditors, Internal Auditors (both from the in-house internal audit team and professional firm providing outsourced internal audit services) together with the relevant personnel from Management were invited to attend AC meetings to present their reports and provide updates and developments on issues arising from the audit reports. The AC Chairman thereafter reported the AC’s recommendations to the Board for their consideration. He also updated the Board on significant matters discussed during the AC meetings. Discussions and deliberation at the AC meetings were recorded in the minutes of the AC meetings. Minutes of the AC meetings are tabled to the Board after they are confirmed at each subsequent AC meeting. In all AC meetings, the Group Financial Controller was present to report on the results of the Group as well as to answer questions posed by the AC in relation to financial matters and the results. AUDIT COMMITTEE REPORT ANNUAL REPORT 2022 66
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