Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 235 AUDIT COMMITTEE REPORT The Board is pleased to present the Audit Committee (“AC”) Report, which provides insights into how the AC discharged its functions and duties for the financial year ended 31 December 2023. The AC assists the Board in overseeing the Company’s financial reporting and fulfilling its fiduciary responsibilities related to internal controls. This includes overseeing the proper maintenance of financial and accounting records, setting policies and financial reporting practices for the Group. The AC also reviews related party transactions and conflict of interest situations that may arise within the Group. COMPOSITION AND MEETING ATTENDANCE The composition of the AC and meeting attendance for financial year 31 December 2023 are available in pages 218 & 219 of the Corporate Governance Overview Statement. SUMMARY OF ACTIVITIES OF THE AC During the year, the Chairperson of AC met the Internal Audit team regularly and had pre-meeting discussions of their activities and reports. In line with the terms of reference of the AC, the following works were carried out by the AC during the financial year ended 31 December 2023:- e) significant accounting and auditing matters including financial reporting issues, estimates or judgements made by Management, unusual events or transactions, and how these matters are addressed; and f) compliance with financial reporting standards and other regulatory requirements. 2. Reviewed and recommended the adoption of accounting policy on revaluation of investment properties, to the Board for its approval. 3. Reviewed non-recurrent and recurrent related party transactions of a revenue or trading nature which are necessary for the day-to-day operations in the ordinary course of business of the Company and its subsidiaries to ascertain as to whether they are undertaken on an arm’s length basis on normal commercial terms not more favourable to the related parties than those generally available to the public or those extended to unrelated parties and are not detrimental to the minority shareholders. 4. Reviewed the Circular to Shareholders in respect of the proposed shareholders’ mandate for recurrent related party transactions and proposed new mandate for additional recurrent related party transactions of a revenue or trading nature. 5. Reviewed and recommended the Corporate Governance Overview Statement, Corporate Governance Report, AC Report and Statement on Risk Management and Internal Control, to the Board for its approval. 6. Reviewed and recommended a comprehensive Conflict of Interest (“COI”) Policy, which encompasses the process of COI declaration, responsibilities of various parties, management of COI to resolve, eliminate, or mitigate such conflicts, to the Board for its adoption. A. FINANCIAL STATEMENTS AND CORPORATE GOVERNANCE 1. Reviewed the quarterly and annual financial statements of the Company and of the Group; and recommended them for Board’s approval, focusing particularly on:- a) appropriateness and relevance of accounting policies and practices adopted and their application in compliance with current accounting standards; b) any significant non-recurrent or unusual transactions made or events occurred during the year; c) any significant changes to the basis of preparation of the financial statements or new accounting standards adopted during the year which impacted the result or financial position of the Group; d) the going concern assumption used in the preparation of the financial statements;
RkJQdWJsaXNoZXIy NDgzMzc=