Wah Seong Corporation Berhad Annual Report 2019

41 ANNUAL REPORT 2019 b. The AC at its meeting held on 3 April 2019 reviewed the following proposals of the Group for inclusion in the Circular to the Shareholders pursuant to Bursa Malaysia Securities Berhad’s Main Market Listing Requirements for the Board’s approval:- • The 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 • The proposed new shareholders’ mandate for additional recurrent related party transactions of a revenue or trading nature between the Company and/or its subsidiaries. 3.5 Risk Management On 25 February 2019, 10 May 2019, 30 August 2019 and 19 November 2019 respectively, the AC reviewed and deliberated on the key and significant risks presented and discussed at the respective Risk Management Committee meetings held quarterly taking into consideration of the Group risks profile and risk appetite. 3.6 Internal Audit a. On 25 February 2019, 10 May 2019, 30 August 2019 and 19 November 2019 respectively, the AC reviewed the major findings in the Internal Audit Reports prepared by the Group Internal Audit together with the recommendations and the Management’s response to the findings. b. On 19 November 2019, the AC reviewed the Group Internal Audit Plan for year 2020 encompassing the proposed financial year 2020 (“FY 2020”) audit activities, risk assessment, key processes, Quality Assurance Review (“QAR”), manpower planning, proposed entities and processes with scope of audit for FY 2020, proposed FY 2020 Key Performance Indicators and the proposed budget for FY 2020, as well as the performance review for the financial year 2019. 3.7 Capital Expenditure On 25 February 2019, 10 May 2019, 30 August 2019 and 19 November 2019 respectively, the AC reviewed the capital expenditures on a quarterly basis to monitor and ensure that the expenditures were within the budget being approved for 2019. 3.8 Others a. The AC had been progressively reviewing the strategic investments of the WSC Group during the financial year under review and in making the necessary decisions. b. The AC had been progressively reviewing the internal control issues of the WSC Group and the relevant improvements and recommendations as highlighted by both the External and Internal Auditors. c. On 25 February 2019, the AC had reviewed and amended the Terms of Reference of the Audit Committee to be in line with the amendments made to Bursa Malaysia Securities Berhad’s Main Market Listing Requirements and the Malaysian Code on Corporate Governance 2017 and the same was recommended to the Board of Directors for their approval and adoption. d. The AC had reviewed and amended the Risk Management Committee Charter at the AC Meetings held on 25 February 2019 and 10 May 2019 to be in line with the amendments made to Bursa Malaysia Securities Berhad’s Main Market Listing Requirements and the Malaysian Code on Corporate Governance 2017 and the same was endorsed and approved by the Board. e. The AC had reviewed and amended the Risk Management Framework and Processes at the AC Meeting held on 25 February 2019 to be in line with the amendments made to Bursa Malaysia Securities Berhad’s Main Market Listing Requirements and the Malaysian Code on Corporate Governance 2017 and the same was endorsed and approved by the Board. f. The AC had reviewed the revised Internal Audit Charter of WSC Group at the AC Meeting held on 19 November 2019 and the same was recommended to the Board of Directors for their endorsement and approval. Audit COMMITTEE