37 www.excelforce.com.my The principal objective of the Audit Committee is to assist the Board to discharge its statutory duties and responsibilities in relation to financial, accounting and reporting responsibilities and to ensure proper disclosure to the shareholders of the Company. The Audit Committee will ensure that the Management establishes and maintains an effective internal control system including adequacy of resources, qualifications and experience of staff fulfilling the accounting and financial reporting function of the Company. The Board is pleased to present the Audit Committee Report for the financial year ended 30 June 2024. COMPOSITION AND MEETINGS The Audit Committee held five (5) meetings during the financial year. The members of the Audit Committee and details of their attendance of the meetings during the financial year ended 30 June 2024 are as follows: Name of Director Designation / Directorship Number of meeting attended Datuk Mat Noor Bin Nawi Chairman of Committee / Independent Non-Executive Director 5/5 Dato’ Sri Ismail Bin Ahmad Member of Committee / Independent Non-Executive Director 5/5 Elisa Tan Mun-E Member of Committee / Independent Non-Executive Director 5/5 All meetings were convened with proper notices and agenda, and were distributed to the members with sufficient notification. During the meetings, all deliberations were recorded, and minutes were tabled for confirmation at every succeeding meeting and subsequently, AC chairman will present the summary report to the Board. AC also invited the Executive Directors and the Management to attend the meetings in order to keep abreast of matters and issues pertaining to the Group. SUMMARY OF WORK OF THE AUDIT COMMITTEE During the financial year, the Audit Committee has carried out the work as set out in the terms of reference detailed below: REVIEW OF FINANCIAL REPORT • Reviewed the quarterly financial statements and the draft announcement, where appropriate made recommendations to the Board for approval; • Reviewed the audited financial statements, content of Annual Report for the financial year ended 30 June 2024 together with management and External Auditor, where appropriate made recommendations to the Board for approval; • Reviewed the application of accounting principles and standards together with External Auditor and Management to ensure that it were applied consistently throughout the financial year; • Reviewed the quarterly audit report, follow status report and proposed audit plan presented by the Internal Auditor, check with Internal Auditors on any findings which require the Committee’s attention; • Reviewed and assess the re-appointment of the retiring auditors; • Reviewed the Audit Planning Memorandum and Audit Review Memorandum presented by External Auditor, discuss with management on key audit matters and other significant matters; • Review of risk management report presented by Risk Management Committee by Management (“RMCM”) which includes Risk Register and Business Continuity Plan presented by the management; • Reviewed the Related Party Transactions and/or Recurrent Related Party Transactions, if any; and • Reviewed the summary declaration on the Conflict of Interest (“COI”) or potential COI situation within the Company or Group. The terms of reference of the Audit Committee is available at the Company’s website at www.excelforce.com.my. Audit Committee Report
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