127 INTEGRATED ANNUAL REPORT 2024 Overview of Wasco Berhad Key Messages Value Creation Commitment to Governance Sustainability Journey Financial Statements Other Information AUDIT COMMITTEE 3. SUMMARY OF ACTIVITIES During the financial year under review and up to the date of approval of this statement, the following activities were carried out by the AC in line with the TOR:- 3.1 Financial Reporting In overseeing the Group’s financial reporting, the AC reviewed quarterly reports and the annual audited financial statements of the Group before submission to the Board for consideration and approval. The Quarterly Financial Statements for the first, second, third and fourth quarters of 2024, were prepared in compliance with the Malaysian Financial Reporting Standard 134 Interim Financial Reporting, International Accounting Standard 34 Interim Financial Reporting and paragraph 9.22, including Appendix 9B of Bursa Malaysia Securities Berhad’s (“Bursa Malaysia”) Main Market Listing Requirements (“MMLR”), and they were reviewed by the AC at the AC meetings held on 28 May 2024, 27 August 2024, 27 November 2024 and 24 February 2025 respectively. On 24 February 2025, the AC reviewed the key findings by the External Auditors, PricewaterhouseCoopers PLT (“PwC”), in respect of the financial year ended 31 December 2024. On 7 April 2025, the AC reviewed the External Auditors’ Report as presented by PwC on accounting estimates, significant judgements and internal control matters in respect of the audit for the financial year ended 31 December 2024 together with the Audited Financial Statements of the Company and the Group for the financial year ended 31 December 2024. The recommendations of the AC were presented to the Board for approval at the respective subsequent Board meetings. 3.2 Annual Report and Circular to Shareholders a. To ensure compliance with Bursa Malaysia’s MMLR, the AC reviewed Wasco Berhad’s (“WB”) Annual Report 2024, in particular the Audit Committee Report on 24 February 2025. While the Chairman and Managing Director/ Group Chief Executive Officer’s Statement, Chief Financial Officer’s Review, Additional Compliance Information, Summary of Significant Recurrent Related Party Transactions and Statement of Assurance on the Sustainability Report, including the internal review conducted by the Group Internal Auditors and the independent review in accordance with recognised assurance standards were reviewed by the AC on 7 April 2025. All the above were recommended to the Board for their approval prior to the release of the Annual Report. b. On 7 April 2025, the AC reviewed the Company’s Circular to Shareholders pertaining to the following proposals for tabling to the Company’s shareholders at the Company’s Annual General Meeting (“AGM”) to be held on 29 May 2025. The AC had recommended the same to the Board of Directors for their approval prior to the Circular to Shareholders being printed and published on the Company’s website:- • 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 renewal of authority to buy-back its own shares by the Company (“Share Buy-Back Statement”).
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