05 CORPORATE GOVERNANCE DATASONIC GROUP BERHAD 96 A. SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024 (CONT'D) 2. External Auditors (Cont'd) e. With reference to the MIA Circular No. 25/2018: Change in Partner Rotation Period, the lead engagement partner and quality control review partner for the financial statements of Datasonic Group will be subject to a seven-year rotation with a three-year cooling-off period. The Audit Engagement Partner and Quality Control Review Partner were appointed in 2021 and 2019 respectively and will be due for rotation in 2028 and 2026 respectively. f. Reviewed and discussed the progress of the implementation and assessment of new development of accounting standards applicable and adopted by the Group, details of which are reflected in the financial statements of accounts incorporated in the Annual Report. The adoption of the new accounting standards mainly are not expected to have material impact on the financial statements of accounts of the Group and of the Company, as stated therein. g. Reviewed the Statement on Risk Management and Internal Control for the financial year ended 31 March 2024 issued by the Company together with the report extended by the External Auditors in accordance with the Audit and Assurance Practice Guide 3 (“AAPG 3”), Guidance for Auditors on Engagements to Report on the Statement on Risk Management and Internal Control included in the Annual Report issued by MIA. h. For the year ended 31 March 2024, the Audit Committee held private meetings with the External Auditors without the presence of the Executive Directors and the Senior Management. There were no significant unfavourable points raised by the External Auditors which warranted the attention of the Audit Committee and of the Senior Management. 3. Internal Auditors a. Reviewed and discussed the Internal Audit Reports which consists of the audit observations, recommendations and the corrective actions agreed and committed by the Management which will ensure all key risks are addressed on a timely basis with mitigating controls in place. There were 13 Internal Audit Reports issued by the Internal Audit Department (“IAD”) for the financial year ended 31 March 2024 which were aligned to the Annual Internal Audit Plan approved by the Audit Committee. The audit observations are predominantly highlighted and discussed to improve the overall effectiveness of internal control system. The Internal Audit Reports were also shared and reviewed by the External Auditors in their audit planning purpose for effective co-ordination and consideration on the work covered between internal and external auditor functions as well as to determine and guide their audit strategies and procedures. b. Reviewed the performance, progress and activities of the Internal Audit functions on quarterly basis which covered the following aspects:- i. The status of completion of planned audit assignments and other compliance work as per the approved Annual Internal Audit Plan; ii. Modifications to the approved Annual Internal Audit Plan, if any, to cater for ad-hoc audit assignments requested by the Management/Executive Committee and/or Audit Committee/Board or as a result of consequential changes in the business operations and corporate development of the Group; iii. Adequacy of resources, skills and competencies of IAD personnel. To ensure a mixture of skilled and competent auditors in the IAD, the Audit Committee also reviewed the applicable training and development programme attended by IAD personnel as well as continuously encourage IAD personnel to pursue for professional certification programmes available for internal auditors and IT auditors. COMMITTEE REPORT AUDIT
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