Wah Seong Corporation Berhad Annual Report 2021 80 ADDITIONAL COMPLIANCE INFORMATION 1. UTILISATION OF PROCEEDS RAISED FROM CORPORATE PROPOSALS There are no proceeds raised from corporate proposals during the financial year ended 31 December 2021. 2. RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE AND PROVISION OF FINANCIAL ASSISTANCE The details of significant recurrent related party transactions conducted during the financial year ended 31 December 2021 pursuant to the shareholders’ mandate are disclosed in the Summary of Significant Recurrent Related Party Transactions as set out on pages 202 to 203 of this Annual Report. 3. MATERIAL CONTRACTS There are no material contracts (not being contracts entered into in the ordinary course of business), entered into by the Company and its subsidiaries, involving the interests of the Directors, Chief Executive who is not a Director or major shareholders during the financial year ended 31 December 2021. 4. AUDIT AND NON-AUDIT FEES (a) The amount of audit fees paid and payable to the Company’s External Auditors i.e. PricewaterhouseCoopers PLT Malaysia (“PwC”) for the services rendered to the Company and the Group for the financial year under review are RM83,000 and RM962,000 respectively. While the amount of audit fees paid and payable to PwC’s affiliates for services rendered to the Group for the financial year under review are RM595,000. (b) The amount of non-audit fees paid and payable to PwC and its affiliates for the services rendered to the Company and the Group for the financial year under review are RM12,000 and RM914,000 respectively. (c) The summary of the aforesaid audit and non-audit fees for the services rendered to the Company and the Group paid and payable to PwC and its affiliates for the financial year under review are as follows:- Company Group (RM) (RM) Audit Fees 83,000 1,557,000 Non-Audit Fees* 12,000 914,000 Total 95,000 2,471,000 * Included in fees for non-audit services are fees payable to PwC for the Company and the Group of RM12,000 and RM650,000 respectively. * The non-audit fees incurred for the Group during the financial year under review amounted to RM914,000, constituting approximately 37.0% of the total amount of audit and non-audit fees of RM2,471,000 paid and payable to PwC and its affiliates for the services rendered to the Group. The nonaudit services are mainly related to statutory tax compliance/advisory and project advisory.
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