Wah Seong Corporation Berhad Annual Report 2021 54 3.4 Recurrent Related Party Transactions a. On 23 February 2021, 19 May 2021, 26 August 2021 and 22 November 2021 respectively, the AC reviewed all related party transactions and recurrent related party transactions to ensure that they were within the mandate obtained from the shareholders of the Company. b. The AC at its meeting held on 13 April 2021 reviewed the following proposals of the Group for inclusion in the Circular to Shareholders pursuant to Bursa Malaysia Securities Berhad’s Main Market Listing Requirements for the Board’s approval:- • The 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 • The proposed new shareholders’ mandate for additional recurrent related party transaction of a revenue or trading nature between the Company and/or its subsidiaries. 3.5 Risk Management On 23 February 2021, 19 May 2021, 26 August 2021 and 22 November 2021 respectively, the AC reviewed and deliberated on the key and significant risks presented and discussed at the respective Risk Management Committee meetings held quarterly taking into consideration of the Group risks profile and risk appetite and the mitigation measures to be taken. 3.6 Internal Audit a. On 23 February 2021, 19 May 2021, 26 August 2021 and 22 November 2021 respectively, the AC reviewed the major findings in the Internal Audit Reports prepared by the Group Internal Audit together with the recommendations and the Management’s response to the findings. b. On 23 February 2021, the AC reviewed the revised Group Internal Audit Plan for the financial year ended 31 December 2021 (“FY 2021”) which encompassed the audit activities, manpower planning, confirmation of independence, estimated audit man-days and proposed budget for FY 2021. c. On 22 November 2021, the AC reviewed the Group Internal Audit Plan for the financial year 2022 (“FY 2022”) which encompassed the proposed audit engagements, proposed entities and processes with scope of audit, estimated man-days, proposed budget for FY 2022, proposed key performance indicators, organization chart of Group Internal Audit, confirmation of independence, quality assurance review and performance review for FY 2021. 3.7 Capital Expenditure On 23 February 2021, 19 May 2021, 26 August 2021 and 22 November 2021 respectively, the AC reviewed the capital expenditures on a quarterly basis to monitor and ensure that the expenditures were within the approved budget for 2020 and the budget being approved for the first, second and third quarters of 2021 respectively. 3.8 Others a. The AC had been progressively reviewing the strategic investments of the WSC Group during the financial year under review and in making the necessary decisions. b. The AC had been progressively reviewing the internal control issues of the WSC Group and the relevant improvements and recommendations as highlighted by both the External and Internal Auditors. c. The AC had on 23 February 2021, 19 May 2021 and 26 August 2021 deliberated on the progress, updates and findings of the Internal Quality Audit conducted on the Anti-Bribery Management System of Wasco Management Services Sdn. Bhd., an indirect wholly-owned subsidiary of the Company, being the entity pursuing the ISO 37001 Certification by SIRIM. AUDIT COMMITTEE
RkJQdWJsaXNoZXIy NDgzMzc=