3. SUMMARY OF ACTIVITIES During the financial year under review and up to the date of approval of this statement, the AC conducted its activities in line with the TOR, as follows: - 3.1 Financial Reporting In overseeing the Group’s financial reporting, the AC reviewed quarterly reports and the annual audited financial statements of the Group before submission to the Board for consideration and approval. The Quarterly Financial Statements for the fourth quarter of 2022 and first, second, third and fourth quarters of 2023, 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 (“Bursa Malaysia”) Main Market Listing Requirements (“MMLR”), were reviewed by the AC at the AC meetings held on 23 February 2023, 23 May 2023, 21 August 2023, 28 November 2023 and 27 February 2024 respectively. On 23 February 2023 and 27 February 2024 respectively, the AC reviewed the key findings by the External Auditors, PricewaterhouseCoopers PLT (“PwC”), for the financial years ended 31 December 2022 and 31 December 2023. Subsequently on 13 April 2023 and 16 April 2024 respectively, the AC reviewed the AC Report in respect of the significant audit, accounting and control matters in respect of the audit for the financial years ended 31 December 2022 and 31 December 2023 as presented by PwC together with the Audited Financial Statements of the Company and the Group for the financial years ended 31 December 2022 and 31 December 2023. 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’s MMLR, the AC reviewed and approved Wasco Berhad’s (“WB”) Annual Report 2022 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 2023 and the same were recommended to the Board for their approval. b. On 13 April 2023, 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: - • 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 • Proposed change of name from Wah Seong Corporation Berhad to Wasco Berhad. c. The AC at the meeting held on 16 April 2024 reviewed and approved WB’s Annual Report 2023 in particular the Statement from the Chairman and the Managing Director/ Group Chief Executive Officer, Statement from the Group Chief Executive Officer, Sustainability Report, Nomination and Remuneration Committee Report, Governance, Compliance and Risk Committee Report, Corporate Governance Overview Statement, Additional Compliance Information, Statement on Risk Management and Internal Control, Statement of Directors’ Responsibility and Summary of Significant Recurrent Related Party Transactions and the same were recommended to the Board of Directors for their approval. Audit Committee Integrated Annual Report 2023 104
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