160 WASCO BERHAD SECTION 5 COMMITMENT TO GOVERNANCE AUDIT COMMITTEE 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 2025, were prepared in compliance with the Malaysian Financial Reporting Standard 134 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 26 May 2025, 25 August 2025, 25 November 2025 and 24 February 2026 respectively. On 24 February 2026, the AC reviewed the key findings by the External Auditors, PricewaterhouseCoopers PLT (“PwC”), in respect of the financial year ended 31 December 2025. On 6 April 2026, 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 2025 together with the Audited Financial Statements of the Company and the Group for the financial year ended 31 December 2025. 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 at its meeting held on 6 April 2026 reviewed Wasco Berhad’s (“WB”) Annual Report 2025, in particular the Audit Committee Report, the Chairman and Managing Director/ Group Chief Executive Officer’s Statement, Chief Financial Officer’s Review, Additional Compliance Information, Statement on Risk Management and Internal Control, Summary of Significant Recurrent Related Party Transactions and Statement of Assurance on the Sustainability Report, including the independent review conducted by PwC in accordance with recognised assurance standards. All the above were recommended to the Board for their approval prior to the release of the Annual Report. b. On 6 April 2026, 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 19 May 2026. 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”). 3.3 External Auditors a. The AC had private meetings with the External Auditors on 7 April 2025, 25 November 2025 and 6 April 2026 respectively, without the presence of the Group Chief Executive Officer, 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 7 April 2025, the AC reviewed and deliberated on the audit and non-audit fees incurred for services provided by the External Auditors throughout their term of engagement for the financial year ended 31 December 2024. c. On 25 August 2025, the AC reviewed the Audit Plan prepared by the External Auditors for the financial year ended 31 December 2025 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.
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