WASCO BERHAD 128 AUDIT COMMITTEE 3.3 External Auditors a. The AC had private meetings with the External Auditors on 27 February 2024, 27 November 2024 and 7 April 2025 respectively, without the presence of the Group Chief Executive Officer, the Executive Directors, Senior Management and Internal Auditors. There were no significant areas of concern raised by PwC that need to be escalated to the Board. b. On 27 August 2024, the AC reviewed the Audit Plan prepared by the External Auditors for the financial year ended 31 December 2024 outlining the detailed terms and responsibilities of PwC and PwC’s affirmation of their independence as External Auditors, areas of audit emphasis identified in response to changes within the Group’s business and the reporting requirements during the financial year, PwC’s commitment to deliver an efficient and effective audit while keeping pace with the changes in the Group and PwC’s intended working arrangement with the team from the Group. c. On 27 November 2024, the AC reviewed the WB Group Interim Audit Report presented by PwC for the financial year ended 31 December 2024 which covered the scope of audit involving the tests of controls over Management’s processes surrounding revenue and receivables, purchases and payables, treasury, payroll and inventory cycles and test of details performed on certain subsidiaries within the Group. d. On 27 November 2024, the AC reviewed the list of approved Non-Assurance Services (“NAS”) provided by PwC in respect of the financial year ended 31 December 2024 in accordance with the Group’s NAS Concurrence Policy. e. On 24 February 2025, the AC reviewed the WB Group Final Audit Report presented by PwC and discussed on the key findings highlighted by PwC in respect of the accounting estimates, significant judgements and internal control matters of WB Group for the financial year ended 31 December 2024. f. On 24 February 2025, the AC noted the PwC Malaysia Transparency Report 2024 as tabled by PwC in accordance with the compulsory annual transparency reporting for audit firms registered with the Securities Commission’s Audit Oversight Board. g. The AC at its meeting held on 7 April 2025 reviewed the annual assessment of the performance of PwC in respect of the financial year ended 31 December 2024 based on the following areas:- • Calibre of External Auditors; • Quality processes/performance; • Audit team; • Independence and objectivity; • Audit scope and planning; • Audit fees; and • Audit communications. Being satisfied with their performance, technical competency and audit independence, the AC recommended the re-appointment of PwC as the External Auditors of the Company and the Group for the financial year ending 31 December 2025 to the Board for approval accordingly. The Board would table the same to the Company’s shareholders for their approval at the AGM of the Company to be held on 29 May 2025. h. The AC had obtained confirmation from the External Auditors confirming their independence and that they were not aware of any non-audit services that had compromised their independence as External Auditors of the Group throughout their terms of engagement for the financial year under review.
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