169 GOVERNANCE | REPORT ON AUDIT COMMITTEE REPORT ON AUDIT COMMITTEE TERMS OF REFERENCE The duties and responsibilities of the AC are set out in its Terms of Reference (“TOR”) which is available on the Company’s website at www.yinson.com. Scan this QR Code to view our TOR. All members of the AC are financially literate and able to understand all matters under their purview including financial reporting processes. AC Chairman, Tan Sri Dato’ (Dr) Wee Hoe Soon @ Gooi Hoe Soon, is a member of the Malaysian Institute of Accountants and Malaysian Institute of Certified Public Accountants. AC meeting notices, reports, and papers, wherever possible, are uploaded to a digital meeting software and disseminated to AC members at least seven (7) days before meetings, providing the AC with relevant facts and analyses to facilitate effective discussion and decision-making processes. At the meetings, the AC reviews compliance matters, internal controls, financial reporting, business and corporate proposals, and internal and external audit functions within the Group. The Chairman of the AC reports to the Board on the activities and significant matters discussed at each AC meeting. Minutes of meetings are recorded by the Corporate Secretary. To avoid conflicts of interest, AC members are required to declare interests that they may have in the subject matters arising during meetings. Any AC member who has a conflict of interest will be excluded from deliberations and decisionmaking in such matters and will also abstain from voting on the related resolutions at AC / Board / general meetings of the Company. SUMMARY OF WORK PERFORMED In FYE 2024, the AC carried out its duties in accordance with its TOR and the activities are summarised as follows: a) Compliance and Internal Control • Evaluated the overall adequacy and effectiveness of the Group’s internal controls system and management information system through review of the work performed by both internal and external auditors; and • Reviewed the extent of compliance with established internal policies, standards, plans, procedures, laws and regulations. b) Financial Reporting • Reviewed the unaudited quarterly financial results and annual audited financial statements of the Group, before recommending them for the Board’s approval; • The AC’s review focused on significant audit and accounting matters highlighted, including Management’s judgments, estimates, and assessments; and • Discussed the application of major accounting policies and practices to ensure that the Group’s financial statements had been prepared in compliance with approved accounting standards. COMPOSITION AND MEETINGS The AC met six (6) times in FYE 2024. The composition of the AC and attendance of each member at the AC meetings are as follows: TAN SRI DATO’ (DR) WEE HOE SOON @ GOOI HOE SOON Chairman, Senior Independent Non-Executive Director DATE OF APPOINTMENT 11 August 2016 NO. OF MEETINGS ATTENDED 6/6 (100%) DATUK ABDULLAH BIN KARIM Member, Independent Non-Executive Director DATE OF APPOINTMENT 16 October 2018 NO. OF MEETINGS ATTENDED 6/6 (100%) RAJA DATUK ZAHARATON BINTI RAJA ZAINAL ABIDIN Member, Independent Non-Executive Director DATE OF APPOINTMENT 11 August 2016 NO. OF MEETINGS ATTENDED 6/6 (100%) DATO’ MOHAMAD NASIR BIN AB LATIF Member, Independent Non-Executive Director DATE OF APPOINTMENT 1 October 2020 NO. OF MEETINGS ATTENDED 6/6 (100%) The Board is pleased to present the Report on Audit Committee (“AC”) for FYE 2024 in accordance with Paragraph 15.15 of the Bursa Securities Main Market Listing Requirements.
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