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• Reviewed the corrective actions taken by
Management in addressing and resolving
issues as well as ensuring that all issues were
adequately addressed on a timely basis.
• 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 Audit and Risk 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.
• Reviewed the Internal Audit Charter
and Audit and Risk Committee Terms of
Reference.
• Reviewed and approved the proposed
revisions to the Internal Audit Standard
Operating Procedures (“SOP”).
• Assessed the effectiveness of the internal
auditors via a detailed questionnaires
completedbyeachAudit andRiskCommittee
member. The evaluation encompassed
an assessment of the qualifications and
performance of the internal auditors, the
size and strength of internal audit team, the
quality of the internal audit plan and audit
reports and the auditor’s communications
with the Audit and Risk Committee and
the Company, and the internal auditors’
independence, objectivity and professional
skepticism.
• Reviewed the results of the annual
assessment of the effectiveness of the
internal auditors to ensure it has the required
expertise and professionalism to discharge
its duties.
(d) Recurrent Related Party Transactions (“RRPT”):
• ReviewedRRPT entered into by theCompany
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.
(e) Risk Management and Internal Control:
• The quality and effectiveness of the Group’s
internal control through the consideration
of the GIA reports embracing all material
systems including financial, operational and
compliance controls to ensure that they
remain robust. Where areas of improvements
are identified, remedial actions are taken
and progress monitored.
4.2 During the FYE2019, the Audit and Risk 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 and Risk Committee members are set out in
the Statement on Corporate Governance section of
this Annual Report.
5. EVALUATIONOFTHEAUDITANDRISKCOMMITTEE
For the FYE2019, the annual assessment and evaluation
on the performance of the Audit and Risk Committee
was conducted in-house by the Company Secretaries.
The evaluation process includes the Board evaluation on
the overall Audit and Risk Committee performance and
the Committee’s assessment of its own performance. The
evaluation included a review of detailed questionnaires
completed by each Director and member of the Audit
and Risk Committee, based on the following key areas:
(a) Composition of Audit and Risk Committee;
(b) To determine whether the Audit and Risk Committee
members have sufficient expertise, support, time
and access to key staff and information in order
to enable them discharge their monitoring and
oversight roles effectively; and
(c) Frequency of the Committee meetings are adequate
for effective decision making.
The Nomination and Remuneration Committee
discussed the findings on the evaluation and the
results of the evaluation and findings, together with
areas of improvement, were presented to the Board
for deliberation. Overall, the Board is satisfied that
the Audit and Risk Committee and its members have
discharged their functions, duties and responsibilities in
accordance with the Audit and Risk Committee’s Terms
of Reference.
corporate
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