• adequacy of audit scope and plan to address the accounting risks, audit risk and financial reporting risks faced by the Company and the Group; • quality and effectiveness of the audit services provided by the External Auditors; • the External Auditors met their performance targets as expected of them; and • the information presented in the External Auditors’ Annual Transparency Report. Based on the results of the Annual Assessment of External Auditors carried out during the financial year under review, the Audit Committee was satisfied with the independence and suitability of the External Auditors and hence had recommended the re-appointment of the External Auditors for the Board’s consideration. The Board, upon the recommendation of the Audit Committee, concurred on the suitability and independence of the External Auditors and had therefore agreed to table the resolution for the re-appointment of the External Auditors to the Shareholders at the forthcoming Twenty-Third AGM for their approval. Further information on the role of the Audit Committee with the External Auditors is stated in the Audit Committee Report on pages 53 to 57 of this Annual Report. 5.6 Internal Audit Function The internal audit function is performed by the Group Internal Audit (“GIA”), where their primary responsibility is to provide independent and objective assurance in assisting 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 has functional reporting to the Audit Committee and administratively reports to the Managing Director/Group Chief Executive Officer and the Deputy Managing Director. All the internal audit activities and processes are performed as guided by the approved Internal Audit Charter and the GIA Standard Operating Procedure. The Board ensures that the Group has an effective governance, risk management and internal control framework. For more information pertaining to the internal audit activities, please refer to the Audit Committee Report on pages 53 to 57 of this Annual Report. 6. CORPORATE RESPONSIBILITY Throughout 2022, the Group has undertaken various initiatives to create a positive and momentous impact on the lives of others, within the community and the environment in which it operates, as set out in the Sustainability Statement on pages 10 to 36 of this Annual Report. 7. SUSTAINABILITY The Company has come a long way from a medium sized Malaysian enterprise to where the Group is today. It is through resilience and fortitude that the Group has been growing from strength to strength, meeting challenges along the way and succeeding in branching further aloft. As at today, the Group is a significant player in its core businesses and is sustaining growth on the global business landscape. The Company develops, implements and maintains sound management systems for sustainable development and growth that drive continual improvement. While maintaining sustainable growth, the Company is committed to create an open, diverse, friendly and safe workplace which is part of the Group’s core values. Besides, the Company places utmost priority and is fully committed to its Health, Safety and Environment policy and objectives with the aim of ensuring health and safety of our people as well as protection of the environment that the Group operates in by promoting and improving the health and welfare of the workforce, maintaining an accident-free work environment, eliminating occupational injuries, preventing pollutions by reducing carbon footprint, preventing wastages by promoting the efficient use of resources, recycling initiatives, optimising the use of natural resources and conserving energy. CORPORATE GOVERNANCE OVERVIEW STATEMENT Annual Report 2022 Wah Seong Corporation Berhad 81
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