b. On 23 November 2022, the AC reviewed the Group Internal Audit Plan for the financial year 2023 (“FY 2023”) which encompassed the proposed audit engagements, proposed entities and processes with scope of audit, estimated man-days, proposed budget for FY 2023, proposed key performance indicators, organization chart of Group Internal Audit, confirmation of independence, quality assurance review, reliance of work on other assurance providers and subject matter experts and performance review for FY 2022. 3.7 Capital Expenditure On 24 February 2022, 23 May 2022, 25 August 2022 and 23 November 2022 respectively, the AC reviewed the capital expenditures on a quarterly basis to monitor and ensure that the expenditures were within the approved budget for 2021 and the budget being approved for the first, second and third quarters of 2022 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. On 24 February 2022 and 23 November 2022, the AC reviewed and amended the Terms of Reference of the Audit Committee to be consistent with the amendments made to Bursa Malaysia Securities Berhad’s Main Market Listing Requirements and the Malaysian Code on Corporate Governance 2021 and the same were recommended to the Board of Directors for their approval and adoption. d. On 24 February 2022, the AC noted the PwC Malaysia Transparency Report 2021 as provided by PwC in accordance with the compulsory annual transparency reporting for audit firms registered with the Securities Commission Malaysia’s Audit Oversight Board. e. On 24 February 2022, the AC reviewed the Information Technology (“IT”) audit findings and general control recommendations as presented by PwC. f. On 25 August 2022, the AC reviewed the External Quality Assessment Report by the Institute of Internal Auditors Malaysia for the independent validation of the Group’s Internal Audit Department. 4. INTERNAL AUDIT FUNCTION The AC is assisted by the Group Internal Audit (“GIA”) in providing independent and objective assurance to the Group to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance. The Head of GIA reports functionally to the Audit Committee and administratively to the Managing Director/Group Chief Executive Officer and the Deputy Managing Director. The GIA had conducted risk-based audit engagements as stipulated in the annual Internal Audit Plan for financial year 2022 (“FY 2022”). Significant audit findings with regards to risk, control and governance covered various scope which had high risk and impact were discussed with senior management, of which also including the agreed action plans committed by the line management. The audit reports were presented quarterly to the AC for deliberation. Follow up review on the audit engagements were also conducted on every quarter to ensure proper and effective remedial actions have been taken by the line management to close control gaps, risk and governance related issues highlighted by the GIA. All the internal audit activities and processes were performed as guided by the Internal Audit Charter and the GIA Standard Operating Procedure. The GIA is in conformance with the International Standards for the Professional Practice of Internal Auditing. AUDIT COMMITTEE Wah Seong Corporation Berhad Annual Report 2022 56
RkJQdWJsaXNoZXIy NDgzMzc=