The Quarterly Financial Statements for the fourth quarter of 2021 and first, second and third quarters of 2022, 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 24 February 2022, 23 May 2022, 25 August 2022 and 23 November 2022 respectively. On 24 February 2022, the AC reviewed the key findings by the External Auditors, PricewaterhouseCoopers PLT (“PwC”), for the financial year ended 31 December 2021 and subsequently on 13 April 2022, 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 2021 as presented by PwC together with the Audited Financial Statements of the Company and the Group for the financial year ended 31 December 2021. 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 2021 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 2022 and the same were recommended to the Board for their approval. b. On 6 April 2022, 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 transactions for the provision of financial assistance and the same was submitted to Bursa Malaysia Securities Berhad on 6 April 2022 for their limited review and approval. c. On 13 April 2022, 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:- l 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 l Proposed new shareholders’ mandate for additional recurrent related party transactions for provision of financial assistance between the Company and/or its subsidiaries. d. On 13 April 2022, 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. 3.3 External Auditors a. The AC at its meeting held on 24 February 2022, reviewed the annual assessment of the performance of PwC in respect of the financial year ended 31 December 2021 based on the following areas:- l Calibre of External Auditors; l Quality processes/performance; l Audit team; l Independence and objectivity; l Audit scope and planning; l Audit fees; and l Audit communications. AUDIT COMMITTEE Wah Seong Corporation Berhad Annual Report 2022 54
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