WASCO BERHAD 160 CORPORATE GOVERNANCE OVERVIEW STATEMENT The AC obtains written confirmation from the External Auditors on their independence throughout their terms of engagement for the financial year in compliance with the requirements of the relevant professional and regulatory bodies and/or authorities. The Board also reviews the External Auditors’ annual audit plan and scope of work for each of the financial years and the External Auditors’ audit review on the financial statements for each of the financial years together with their audit report. The Annual Assessment Form for External Auditors is established to assess the annual performance of the External Auditors by the AC. During the financial year under review, the AC had reviewed the independence of the External Auditors by taking into consideration among other factors, the following:- • rotation of the External Audit Partner-in-charge once in every five years in accordance with the relevant laws and requirements; and • the professionalism, openness in communication and interaction with the External Auditors through private discussions which had demonstrated their independence. The AC also assessed the suitability, objectivity and independence of the External Auditors by taking into consideration among other factors, the following:- • size, sufficiency of the allocated resources and geographical coverage of the external audits being conducted; • calibre, competency, requisite skills and expertise, including industry knowledge of the audit team to effectively audit the Company and the Group that meet the requirements; • adequacy of audit scope and plan to address the accounting risks, audit risk and financial reporting risks faced by the Company and the Group; • quality and effectiveness of the audit services provided by the External Auditors; • the External Auditors met their performance targets as expected of them; and • the information presented in the External Auditors’ Annual Transparency Report. Based on the results of the Annual Assessment of External Auditors carried out during the financial year under review, the AC was satisfied with the independence and suitability of the External Auditors and hence had recommended the re-appointment of the External Auditors for the Board’s consideration. The Board, upon the recommendation of the AC, concurred on the suitability and independence of the External Auditors and had therefore agreed to table the resolution for the re-appointment of the External Auditors to the Shareholders at the forthcoming Twenty-Fifth AGM for their approval. Further information on the role of the AC with the External Auditors is stated in the AC Report on pages 126 to 131 of this Annual Report.
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