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71

KUMPULAN FIMA BERHAD

(11817-V) |

Annual Report

2016

The meetings are normally attended by the Group Managing Director (“Group MD”), Chief Financial Officer,

Head of Group Internal Audit (“GIA”) and upon invitation, the external auditors. The external auditors attended

all of the five (5) meetings and met the Audit Committee twice without the presence of the Management

to discuss key issues within their sphere of interest and responsibility. The internal auditors and external

auditors, may request additional meetings if and when considered necessary. Other employees shall attend

any particular Audit Committee meeting only at the Audit Committee’s invitation and specific to the relevant

meeting. In addition to formal meetings, members of the Audit Committee have the opportunity to meet and

consult with the Head of GIA at any time without the presence of Management to discuss any issues of

concern.

The Company Secretaries act as secretary to the Audit Committee. The Company Secretaries shall cause

minutes to be entered in the books provided for purpose of recording all resolutions and proceedings of

minutes and shall be kept at the registered office of the Company for inspection of any member of the Audit

Committee or the Board. Such minutes shall be signed by the Chairman of the next succeeding meeting and

if so signed, shall be conclusive evidence without any further proof of the facts. Minutes of each meeting

shall also be distributed to all attendees of the Audit Committee meetings and circulated and presented to all

members of the Board for notation purposes at the Board meeting.

The Audit Committee, through its Chairman, shall report to the Board at the next Board meeting after each

Audit Committee meeting. When presenting any recommendation to the Board, the Audit Committee will

provide such background and supporting information as may be necessary for the Board to make an informed

decision.

4.

SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE DURING THE FINANCIAL YEAR ENDED 31

MARCH 2016

4.1 During the financial year, the Audit Committee carried out its duties as set out in its Terms of Reference.

A summary of work performed by the Audit Committee are as follows:

Financial Reporting

Reviewed the Group’s quarterly unaudited financial results and audited financial statements with

Management and external auditors focusing on the matters set out below, prior to recommending to the

Board for approval:

Any change in accounting policies and practices, and its implementation;

Any significant change and adjustment in the presentation of financial statements;

Any significant variation in audit scope and approach in respect of the audited financial statements;

and

Compliance with accounting standards and regulatory requirements.