AwanBiru Technology Berhad - Annual Report 2021

Audit Committee Report 4. MEETINGS The Group Chief Executive Officer, Chief Operating Officer and the Group Chief Financial Officer or Group Financial Controller are invited to attend all the Audit Committee meetings to facilitate direct communication and to deliberate the financial results of the Group. This provides a platform for direct interaction between members of the Audit Committee and the Senior Management. Discussions at the Audit Committee have generally been robust and detailed, with the members of the Audit Committee focussed on improving controls, risk management and governance. Audit Committee meeting notices, reports and papers are disseminated to Audit Committee members at least seven (7) days before meetings, providing the Audit Committee with relevant facts and analyses to facilitate effective discussion and decision-making processes. At the meetings, the Audit Committee reviews the risk management and internal control, financial reporting, internal and external audit functions within the Group. SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE DURING THE FINANCIAL YEAR UNDER REVIEW Over the course of FY2021, the Audit Committee undertook the following activities:- Financial Reporting • Reviewed and discussed the unaudited quarterly report on consolidated results on a quarterly basis, the annual audited financial statements, as well as the performance of the Group before recommending the same for approval by the Board. In reviewing the financial reporting of the Group, the Audit Committee discussed and made enquiries on, amongst others:- (i) Changes in or implementation of significant accounting policies; (ii) Significant matters highlighted including financial reporting issues, significant judgement made by Management, significant and unusual events or transactions, and how these matters be addressed; and (iii) Compliance with accounting standards and other regulatory and legal requirements. • Deliberated on significant matters raised by the External Auditors and received progress updates from Management on actions taken for improvements. External Auditor • Had Messrs. Crowe Malaysia PLT declared their independence and confirmed that they were not aware of any relationship between Messrs. Crowe Malaysia PLT and the Group that, in their professional judgement, might reasonably be thought to impair their independence. • In consultation with the Management, reviewed and analysed the proposed audit fees for the external auditors in respect of their audit of the financial statements of the Company and its unlisted subsidiaries for recommendation to the Board for approval. • Reviewed the overall performance of the External Auditor for the period from 1 July 2020 to 30 June 2021. For this purpose, a survey was coordinated by the Company Secretaries and assessments on the effectiveness of the External Auditor were performed by members of the Audit Committee and Management, where the External Auditor’s (i) quality of service; (ii) sufficiency of resources; (iii) communication and interaction; and (iv) independence, objectivity and professional scepticism were assessed. Based on the evaluation, the Audit Committee recommended their re-appointment and remuneration to the Board for their submission to the shareholders for approval at the Company’s Eleventh Annual General Meeting. Awantec | Transparency Annual Report 2021 104