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(11817-V) |

Annual Report


External Audit Process

The Audit Committee reviewed:

the external auditors’ Annual Audit Plan for financial year ended 31 March 2016 outlining their

scope of work, approach and proposed fees for the statutory audit and review of the Statement on

Risk Management and Internal Control.

the major issues that arose during the course of the audit and their resolution;

key accounting and audit judgements;

recommendations made by the external auditors in their management letters and the adequacy of

management’s response; and

the performance of the external auditors, including their independence, and provided the

recommendation on their re-appointment and remuneration to the Board.

The external auditors have provided written confirmation to the Audit Committee that they are and have

been independent throughout the conduct of the audit engagement in accordance with the terms of all

relevant professional and regulatory requirements. The Audit Committee is satisfied with the auditors’

effectiveness and independence and has recommended to the Board that Messrs Hanafiah Raslan &

Mohamad be reappointed as the Company’s external auditor for the financial year ending 31 March


Internal Audit

Reviewed and approved the Annual Internal Audit Plan for financial year ended 31 March 2016 as

proposed by GIA, to ensure the adequacy of resources, coverage and inclusion of risk areas in the

scope of review.

Reviewed and deliberated the findings of internal audit reports presented by Head of GIA and the

adequacy of management’s response/actions to address control deficiencies.

Reviewed the nature and extent of the non-audit activities performed by GIA;

Reviewed the structure of GIA and adequacy of its resources and budget.

Reviewed the Enterprise Risk Management Report on key risk profiles and risk management


Reviewed the Audit Committee Report and Statement on Risk Management and Internal Control

and recommended to the Board for approval prior to the inclusion of the same in the Company’s

Annual Report.

Recurrent Related Party Transactions (“RRPT”)

Reviewed the RRPT entered into the Company with related parties in accordance with the

shareholders’ mandate obtained to ensure that they are at arm’s length and within the mandated

amount and other RRPT that are outside the shareholders’ mandate.

Reviewed and recommended to the Board the Circular to Shareholders relating to renewal of

shareholders’ mandate for existing RRPT of a revenue or trading nature.

4.2 During the year, the Audit Committee members attended various training programs to keep them

abreast of new development pertaining to legislation, regulations, current commercial issues and risks

in order to effectively discharge their duties. Details of training programs attended by Audit Committee

members are set out in the Statement on Corporate Governance section of this Annual Report.