AwanBiru Technology Berhad - Annual Report 2021

• Deliberated and recommended for the Board’s approval, the External Auditor’s Audit Review Memorandum and Audit Planning Memorandum encompassing the proposed audit approach, areas of audit emphasis, nature and scope for the year’s audit. • Conducted two (2) private discussions with the External Auditors on 26 August 2020 and 25 May 2021, without the presence of Executive Directors and Management to discuss any areas of concern to ensure that the External Auditors can freely discuss and express their opinions on any matter to the Audit Committee, and the Audit Committee can be sufficiently assured that Management has fully provided all relevant information and responded to all queries from the External Auditors. Internal Audit • Reviewed the 2020 Audit Plan to ensure adequacy of the scope and coverage of major risk areas of the Group. • Deliberated on the internal audit reports for the Company and its subsidiaries issued by the Internal Auditors, which, among others, focused on the effectiveness and adequacy of governance, risk management, and internal controls, audit recommendations, and the Management’s response towards the issues highlighted. • Where appropriate, the Audit Committee directed the Management to rectify and improve internal controls and Standard Operating Procedures based on the Internal Auditor’s recommendations and suggestions for improvement. • Monitored the outcome of the audits and follow-up audits conducted to ascertain all action plans were adequately implemented to address the key risks. Related Party Transactions (“RPT”) • Reviewed the RPT of the Group to ensure compliance with Bursa Securities Main Market Listing Requirements and that they were undertaken on an arm’s length basis, fair, reasonable and on normal commercial terms, not more favourable to the related party than those generally available to the public, not detrimental to the minority shareholders, and carried out in the best interest of the Group. • The RPT of the Group were reviewed on a quarterly basis at its meetings held on 26 August 2020, 25 November 2020, 24 February 2021 and 25 May 2021. Annual Report • Reviewed and endorsed the Audit Committee Report and Statement on Risk and Internal Control of the Group prior to recommending the same for consideration and approval of the Board for inclusion in the Annual Report 2021. Other matters • Reviewed and deliberated the adequate procedures initiatives pursuant to Section 17A of the Malaysian Anti-Corruption Commission Act 2009; • Reviewed and deliberated the proposed revision to the Limits of Authority; and • Reviewed and revised the Audit Committee TOR. Transparency | Awantec Annual Report 2021 105