e. On 23 February 2023 and 16 April 2024 respectively, the AC noted the PwC Malaysia Transparency Report 2022 and the PwC Malaysia Transparency Report 2023 as tabled by PwC in accordance with the compulsory annual transparency reporting for audit firms registered with the Securities Commission’s Audit Oversight Board. f. On 23 May 2023, the AC reviewed and approved the Non-Assurance Services (“NAS”) Concurrence Policy (“NAS Policy”) of WB Group outlining the list of permissible NAS to be provided by PwC. Any services not listed in the NAS Policy would be reviewed by the Chief Financial Officer and relayed to the AC Chairman for concurrence. g. On 21 August 2023 and 28 November 2023 respectively, the AC reviewed the list of approved NAS provided by PwC for the financial year 2022 and 2023. h. On 28 November 2023, the AC reviewed the WB Group Interim Audit Report presented by PwC for the financial year ended 31 December 2023 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. i. 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 23 February 2023, 23 May 2023, 21 August 2023, 28 November 2023 and 27 February 2024 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 meetings held on 13 April 2023 and 16 April 2024 respectively reviewed 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 for inclusion in the Circular to Shareholders pursuant to Bursa Malaysia’s MMLR for the Board’s approval. 3.5 Risk Management On 23 February 2023 and 23 May 2023 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. On 23 May 2023, the AC proposed for oversight of the Risk Management Committee to be delegated to the new Governance, Compliance and Risk Committee to be established to increase the focus on risk-related matters. 3.6 Internal Audit a. On 23 February 2023, 23 May 2023, 21 August 2023, 28 November 2023 and 27 February 2024 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. b. On 28 November 2023, the AC reviewed the Group Internal Audit Plan for the financial year 2024 (“FY 2024”) which encompassed the proposed audit engagements, proposed entities and processes with scope of audit, estimated Audit Man-days, proposed budget for FY 2024, proposed key performance indicators, organisation 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 the financial year 2023. Audit Committee Integrated Annual Report 2023 106
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