127 How We Are Governed Financial Statements Shareholders’ Information Additional Information e. At its meeting held on 27 October 2021, the AC reviewed and approved the External Auditors’ 2021 Audit Plan outlining their scope of work and proposed fees covering their recurring audit assignments, as well as other regulatory-related services. During the presentation of their 2021 Audit Plan, the External Auditors had also highlighted to the AC the financial reporting developments as at 30 June 2021 as summarised below. Description Effective Date COVID-19 - Related Rent Concessions (Amendment to MFRS 16) 1 June 2020 COVID-19 - Related Rent Concessions Beyond 30 June 2021 (Amendment to MFRS 16) 1 April 2021 Interest Rate Benchmark Reform - Phase 2 (Amendments to MFRS 9, MFRS 139, MFRS 7, MFRS 4 and MFRS 16) 1 January 2021 Reference to the Conceptual Framework (Amendments to MFRS 3 Business Combinations) 1 January 2022 Property, Plant and Equipment - Proceeds Before Intended Use (Amendments to MFRS 116 Property, Plant and Equipment) 1 January 2022 Onerous Contracts - Cost of Fulfilling a Contract (Amendments to MFRS 137 Provisions, Contingent Liabilities and Contingent Assets) 1 January 2022 Annual Improvements to MFRS 1 First-time Adoption of International Financial Reporting Standards – Subsidiary as a First-Time Adopter 1 January 2022 Annual Improvements to MFRS 9 Financial Instruments – Fees in the ’10 Per Cent’ Test for Derecognition of Financial Liabilities 1 January 2022 Annual Improvements to MFRS 141 Agriculture – Taxation in Fair Value Measurements 1 January 2022 MFRS 17 – Insurance Contracts 1 January 2023 Classification of Liabilities as Current or Non-current (Amendments to MFRS 101) 1 January 2023 Definition of Accounting Estimates (Amendments to MFRS 108) 1 January 2023 Disclosure of Accounting Policies (Amendments to MFRS 101 and MFRS Practice Statement 2) 1 January 2023 Deferred Tax related to Assets and Liabilities Arising from a Single Transaction (Amendments to MFRS 112) 1 January 2023 Sale or Contribution of Assets Between an Investor and Its Associate or Joint Venture (Amendments to MFRS 10 and MFRS 128) Note Note: In December 2015, the Malaysian Accounting Standards Board postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting. 3.3 Internal Audit a. At its meeting on 25 January 2021, the AC had reviewed and approved the 2021 Audit Plan tabled by Group Internal Audit (“GIA”) after considering the adequacy of scope and comprehensiveness of the coverage of activities within KIBB Group, as well as the adequacy of resources in the internal audit department. Due to the continued COVID-19 pandemic and the imposition of restrictions/ compliance to the related SOPs arising from the COVID-19 pandemic, the AC had deliberated and approved the revision in the 2021 Audit Plan at its meeting held on 27 October 2021. Arising from the revision, the total number of reviews have been revised from thirty-four (34) to thirty-three (33).
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