Wah Seong Corporation Berhad Annual Report 2019

39 ANNUAL REPORT 2019 3. SUMMARY OF ACTIVITIES During the financial year under review, the AC conducted its activities in line with the Terms of Reference, as follows:- 3.1 Financial Reporting a. In overseeing the Group’s financial reporting, the AC reviewed quarterly reports of the Group and the annual audited financial statements for the financial year ended 31 December 2018 before submission to the Board for consideration and approval. The Quarterly Financial Statements for the fourth quarter of 2018 and first, second and third quarters of 2019, which were prepared in compliance with the Malaysian Financial Reporting Standard 134 Interim Financial Reporting, International Accounting Standards 34 Interim Financial Reporting and paragraph 9.22, including Appendix 9B of the Bursa Malaysia Securities Berhad’s Main Market Listing Requirements, were reviewed by the AC at the AC meetings held on 25 February 2019, 10 May 2019, 30 August 2019 and 19 November 2019 respectively. On 25 February 2019, the AC reviewed the key findings by the External Auditors, PricewaterhouseCoopers PLT (“PwC”), for the financial year ended 31 December 2018 and subsequently on 3 April 2019, 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 2018 as presented by PwC together with the Audited Financial Statements of the Company and the Group for the financial year ended 31 December 2018. 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 2019 were reviewed and deliberated by the AC at the AC meeting held on 25 February 2019 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 2018 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 3 April 2019 and the same were recommended to the Board for their approval. b. On 3 April 2019, the AC reviewed the Company’s Circulars to Shareholders pertaining to the following before submission to Bursa Malaysia Securities Berhad for their review and approval:- • 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; • Proposed new shareholders’ mandate for additional recurrent related party transactions of a revenue or trading nature between the Company and/or its subsidiaries; and • Proposed adoption of the Company’s new Constitution for the purpose of streamlining the Company’s existing Constitution to be in line with the Companies Act, 2016, amendments to Bursa Malaysia Securities Berhad’s Main Market Listing Requirements and other prevailing statutory or regulatory requirements which have been revised and where relevant, to render consistency throughout. c. On 3 April 2019, 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. Audit COMMITTEE