Wah Seong Corporation Berhad Annual Report 2021 52 The Quarterly Financial Statements for the fourth quarter of 2020 and first, second and third quarters of 2021, which were prepared in compliance with the Malaysian Financial Reporting Standard 134 Interim Financial Reporting, International Accounting Standards 34 Interim Financial Reporting and paragraph 9.22, including Appendix 9B of Bursa Malaysia Securities Berhad’s Main Market Listing Requirements, were reviewed by the AC at the AC meetings held on 23 February 2021, 19 May 2021, 26 August 2021 and 22 November 2021 respectively. On 23 February 2021, the AC reviewed the key findings by the External Auditors, PricewaterhouseCoopers PLT (“PwC”), for the financial year ended 31 December 2020 and subsequently on 13 April 2021, the AC reviewed the Audit Committee Report in respect of the significant audit, accounting and control matters in respect of the audit for the financial year ended 31 December 2020 as presented by PwC together with the Audited Financial Statements of the Company and the Group for the financial year ended 31 December 2020. 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 Securities Berhad’s Main Market Listing Requirements, the AC reviewed and approved the WSC Annual Report 2020 in particular the Management Discussion and Analysis, Sustainability Statement, Audit Committee Report, Remuneration Committee Report, Nomination Committee Report, Corporate Governance Overview Statement, Additional Compliance Information, Statement on Risk Management and Internal Control, Statement of Directors’ Responsibilities and Summary of Significant Recurrent Related Party Transactions on 13 April 2021 and the same were recommended to the Board for their approval. b. On 23 March 2021, the AC had via its Circular Resolution of the AC duly approved the Company’s draft Circular to Shareholders in relation to the proposed renewal of shareholders’ mandate together with the proposed new shareholders’ mandate for the new recurrent related party transaction of a revenue or trading in nature and the same was submitted to Bursa Malaysia Securities Berhad on 23 March 2021 for their limited review and approval. c. On 13 April 2021, the AC reviewed the Company’s Circular to Shareholders pertaining to the following proposals 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; and • Proposed new shareholders’ mandate for additional recurrent related party transaction of a revenue or trading nature between the Company and/or its subsidiaries. d. The AC reviewed the amendments to the Company’s Constitution at the AC Meeting held on 13 April 2021 and the same was recommended to the Board of Directors for their review and approval for tabling at the AGM of the Company held on 21 May 2021. e. On 13 April 2021, the AC reviewed the Company’s Share Buy-Back Statement and the proposed renewal of authority to buy-back its own shares by the Company and the same were recommended to the Board of Directors for their approval. AUDIT COMMITTEE
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