KENANGA ANNUAL REPORT 2018

67 ANNUAL REPORT 2018 AUDIT COMMITTEE REPORT During these meetings, the AC sought the feedback from the External Auditors with regard to the support provided by Management in terms of providing timely and accurate information, as well as the competency and adequacy of resources in the financial reporting functions. Based on the External Auditors’ feedback, Management was noted to have provided full cooperation to the External Auditors in the course of the External Auditors’ audit assignments. The External Auditors had also indicated that Management had been very pro- active in approaching them for any issues arising during the year, which contributed to an effective audit planning by the External Auditors. 2.4 In fulfilling its reporting responsibility to the Board, after each meeting, the Chairman of the AC reported the AC’s deliberations and recommendations to the Board. Minutes of each AC meeting were recorded and tabled for confirmation at the following AC meeting and subsequently presented to the Board for notation. 2.5 AC Members’ Attendance at AC Meetings Details of the AC members’ attendance at its meetings held during the Financial Year Ended 31 December 2018 are as stated below. 25 January 2018 27 February 2018 22 March 2018* 19 April 2018 23 July 2018 24 September 2018* 26 October 2018 Number of Meetings Attended % Jeremy Nasrulhaq √ √ √ √ √ √ √ 7 out of 7 100 Izlan Izhab √ √ √ √ √ √ √ 7 out of 7 100 Luk Wai Hong, William √ √ √ √ √ X √ 6 out of 7 86 Ismail Harith Merican √ X √ √ √ X √ 5 out of 7 71 Luigi Fortunato Girardello (1) √ √ √ N/A N/A N/A N/A 3 out of 3 100 Kanagaraj Lorenz (2) N/A N/A N/A √ √ √ √ 4 out of 4 100 Notes * Special Meeting (1) Ceased as AC Member on 2 April 2018 (2) Appointed as AC Member on 2 April 2018 3. SUMMARY OF THE AC’S ACTIVITIES DURING THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 3.1 Financial Reporting a. In discharging its role and responsibility pertaining to the Company’s financial reporting, the AC had at its meeting held on 25 January 2018, reviewed the quarterly financial statements for the quarter ended 31 December 2017, as well as, the annual audited financial statements of the Financial Year Ended 31 December 2017. In reviewing the annual audited financial statements, the AC discussed with Management and the External Auditors, the accounting principles and standards that were applied and their judgment of the items that might affect the financial statements. The AC also deliberated on audit issues and key audit matters raised by the External Auditors and the action plans required to address those issues.