Being satisfied with their performance, technical competency and audit independence, the AC recommended the re-appointment of PwC as the External Auditors of the Group for the financial year ended 31 December 2022 to the Board for approval accordingly. The Board had since tabled the same to the Company’s shareholders for their approval at the Annual General Meeting (“AGM”) of the Company held on 26 May 2022. b. The AC had two (2) private meetings with the External Auditors on 24 February 2022 and 25 August 2022 respectively, without the presence of the Group Chief Executive Officer, the Executive Directors, Senior Management and Internal Auditors. There were no areas of concern raised by PwC that need to be escalated to the Board. c. On 25 August 2022, the AC reviewed the Audit Plan prepared by the External Auditors for the financial year ended 31 December 2022 outlining the detailed terms and responsibilities of PwC and PwC’s affirmation of their independence as External Auditors, areas of audit emphasis based on significant risks, scope of audit, audit reporting timeline, use of specialist or experts integrated into PwC’s audit team, Information Technology systems for Audit Support, and PwC’s action plans on how to go about working efficiently and effectively and team work with the Management of the Group. d. On 25 August 2022, the AC reviewed and deliberated on the audit and non-audit fees incurred for services provided by the External Auditors throughout their terms of engagement for the financial year under review. e. On 23 November 2022, the AC reviewed the WSC Group Interim Audit Report presented by PwC for the financial year ended 31 December 2022 which covered the scope of audit involving the tests of controls over Management’s processes surrounding revenue and receivables, purchases and payables, treasury, payroll and inventory cycles and test of details performed on certain subsidiaries within the Group. f. The AC had obtained confirmation from the External Auditors confirming their independence and that they were not aware of any non-audit services that had compromised their independence as External Auditors of the Group throughout their terms of engagement for the financial year under review. 3.4 Recurrent Related Party Transactions a. On 24 February 2022, 23 May 2022, 25 August 2022 and 23 November 2022 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 2022 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:- l 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 l The proposed new shareholders’ mandate for additional recurrent related party transactions for provision of financial assistance between the Company and/or its subsidiaries. 3.5 Risk Management On 24 February 2022, 23 May 2022, 25 August 2022 and 23 November 2022 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 24 February 2022, 23 May 2022, 25 August 2022 and 23 November 2022 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. AUDIT COMMITTEE Annual Report 2022 Wah Seong Corporation Berhad 55
RkJQdWJsaXNoZXIy NDgzMzc=