d. On 16 April 2024, the AC reviewed the Company’s Circular to Shareholders pertaining to the following proposal 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. e. On 16 April 2024, the AC reviewed the Company’s Share Buy-Back Statement and the proposed authority to buy-back its own shares by the Company. 3.3 External Auditors a. The AC at its meetings held on 23 February 2023 and 27 February 2023 respectively reviewed the annual assessment of the performance of PwC in respect of the financial years ended 31 December 2022 and 31 December 2023 based on the following areas: - • Calibre of External Auditors; • Quality processes/performance; • Audit team; • Independence and objectivity; • Audit scope and planning; • Audit fees; and • Audit communications. Being satisfied with their performance, technical competency and audit independence, the AC recommended the re-appointment of PwC as the External Auditors of the Company and 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 30 May 2023. The AC further recommended the re-appointment of PwC as the External Auditors of the Company and the Group for the financial year ended 31 December 2023 to the Board of Directors for approval accordingly. b. The AC had private meetings with the External Auditors on 23 February 2023, 21 August 2023 and 27 February 2024 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 21 August 2023, the AC reviewed the Audit Plan prepared by the External Auditors for the financial year ended 31 December 2023 outlining the detailed terms and responsibilities of PwC and PwC’s affirmation of their independence as External Auditors, areas of audit emphasis identified in response to changes within the Group’s business and the reporting requirements during the financial year, on the ways PwC would continue to deliver an audit that is efficient and effective while also keeping pace with the Group’s changes and in what way PwC intended to work with the team from the Group. d. On 23 February 2023, the AC acknowledged that PwC would communicate and obtain concurrence from the AC on any engagement to be provided to WB, its parent company(s) and/ or its subsidiary(s) for the financial year 2022 and onwards. PwC would also report fee-related matters at the year-end AC Meeting each year for the AC’s review. Audit Committee 105 Wasco Berhad
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