Audit
Committee
4. SUMMARY OF ACTIVITIES
During the financial year under review, the Audit Committee conducted its activities in line with the terms of reference, as follows:
• Reviewed quarterly reports of the Group and the Company’s annual report before submission to the Board for consideration and approval.
• Reviewed the annual audit plan and the scope of work for the year prepared by the Internal and External Auditors.
• Reviewed the fee for External Auditors.
• Discussed with the External Auditors their report on the financial statements and Management letters relating to their audit.
• Had two (2) meetings with the External Auditors without any Executive Directors and Management present except the Secretary.
• Reviewed the recurrent related party transactions of a revenue or trading nature and provision of financial assistance of the Group for inclusion in the Circular to the
Shareholders in relation to the Proposed Renewal of Shareholders’ Mandate for the Existing Recurrent Related Party Transactions of a Revenue or Trading Nature
and Provision of Financial Assistance pursuant to Bursa Securities Listing Requirements for the Board’s approval.
• Reviewed all related party transactions and recurrent related party transactions to ensure that they are within the mandate obtained;
• Reviewed key and significant risks deliberated at the Risk Management Committee Meeting;
• Reviewed major findings in the reports prepared by the Group Internal Audit together with the recommendations and Management’s response to the findings.
• Obtained confirmation from the External Auditors confirming their independence throughout their terms of engagement for the financial year under review.
• Assessed the annual performance of the External Auditors in respect of their performance for the financial year under review.
5. STATEMENT BY AUDIT COMMITTEE ON WSC GROUP SHARE ISSUANCE SCHEME
Appendix 9C Part A Item No. 26 of Bursa Securities Listing Requirements requires a statement by the Audit Committee in relation to the allocation of options pursuant to
Share Issuance Scheme as required under Paragraph 8.17 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.
There was no new Share Issuance Scheme in place during the financial year under review.
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Wah Seong Corporation Berhad • Annual Report 2014
