Section 7 UEM Edgenta Berhad GOVERNANCE 236 AUDIT COMMITTEE REPORT 1. Reviewed the scope, functions and resources of the Internal Audit Department (“IAD”) to ensure that it had the necessary competency, independence and authority expected by the professional standards and applicable guidelines to carry out its work professionally and with impartiality and propriety. 2. Reviewed and deliberated the internal audit reports (planned and ad-hoc) and ensured that audit observations and appropriate recommendations were discussed and agreed with Management including timelines set to be taken for remedial actions on gaps or lapses of controls or procedures identified by IAD. 3. Reviewed the status of implementation, effectiveness, and adequacy of Management’s corrective actions through follow-up audit reports to ensure all key risks and control issues were addressed adequately and in a timely manner. 4. Reviewed and approved the Internal Audit Plan, including changes for adequacy and appropriateness of coverages, as well as the risk-based planning methodology, high-level review scope and its manpower requirement for the proposed audit activities. 5. Assessed and approved the performance rating of IAD and the IAD Scorecard. 6. Assessed and recommended the appointment of new Head of Internal Audit for the Board’s approval. 7. Reviewed and approved the new organisational structure for IAD. 8. Suggested additional improvement opportunities in the areas of internal control, systems and operational efficiency. 1. Reviewed with the External Auditors:- a) The audit plan, audit methodology and scope of work, especially on areas identified for audit focus for the year; b) Their comments and issues arising from their annual audit, their audit report and management letter of comments on the group internal control; c) The key audit matters highlighted for inclusion in the audit report and the audit process in addressing them; and d) The Group’s financial reporting process including consolidation. 2. Assessed the objectivity, suitability and independence of the External Auditors in carrying out their audit during the year. 3. Discussed with the External Auditors on 20 November 2023 and 21 February 2024 without the presence of the Managing Director/Chief Executive Officer and Management, on any concerns/issues affecting their audit, the results of audit, including the level of cooperation rendered by Management in respect of their access to financial information and accounting records. 4. Evaluated the performance of the External Auditors and recommended their re-appointment to the Board of Directors based on their satisfactory performance via feedback received from the assessment questionnaires and the 2022 Annual Transparency Report. 5. Reviewed and recommended the audit fees for the Board’s approval. B. INTERNAL AUDIT C. EXTERNAL AUDIT
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