Section 7 UEM Edgenta Berhad GOVERNANCE 228 A Board Leadership and Effectiveness B Effective Audit and Risk Management C Integrity in Corporate Reporting and Meaningful Relationship with Stakeholders CORPORATE GOVERNANCE OVERVIEW STATEMENT AUDIT COMMITTEE As at 31 December 2023, the Audit Committee (“AC”) was chaired by Mr. Simon Kua Choo Kai, who assumed the chairmanship upon his appointment to the Board on 8 November 2023, replacing Ms. Shirley Goh who resigned on 31 August 2023. The AC comprised three (3) Non-Executive Directors, with majority being Independent Directors, assisting the Board in overseeing the Company’s financial reporting and fulfilling its fiduciary responsibilities relating to internal controls. This includes risk management, maintenance of financial and accounting records and setting policies as well as financial reporting practices of the Group. The AC also reviews related party transactions, conflict of interest situations that may arise within the Group and the provision of non-audit services by the External Auditors. Kindly refer to pages 235 to 237 for the AC’s membership and composition and the AC Report for a summary of work carried out during the financial year 2023. The duties and responsibilities of the AC are set out in its Terms of Reference which is available at the Company’s website at www.uemedgenta.com. As at 31 December 2023, the AC members have attended training courses related to development in accounting and auditing standards, practices and rules. The Board, through the AC, maintained a transparent and professional relationship with the Internal and External Auditors. The AC has the authority to communicate directly with both the Internal and External Auditors. During the year under review, the AC met up with the External Auditors twice in the absence of the Managing Director/Chief Executive Officer and Management. The External Auditors also attended the Board Meetings for the presentation of their reports. Currently, Messrs Ernst & Young PLT provides independent and professional external auditing services to the Group. The AC conducts yearly assessment of the suitability and independence of the External Auditors. For the year under review, the External Auditors confirmed their independence in providing their services. The assessment on the External Auditors for financial year ended 31 December 2023 was facilitated by the Finance team. A set of questionnaires pertaining to the following were sent out to the AC members and Management for their feedback:- 1) Calibre of the firm 2) Quality of processes/services/performance 3) Audit team 4) Independence, objectivity and professional skepticism 5) Audit planning, execution and conclusion 6) Audit fees 7) Audit communications The Board is satisfied with the outcome of the assessment of the External Auditors regarding their suitability and independence. The Board recommends their re-appointment at the forthcoming annual general meeting.
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