117 KENANGA INVESTMENT BANK BERHAD Annual Report 2022 AUDIT COMMITTEE REPORT 3. SUMMARY OF THE AC’S ACTIVITIES DURING THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 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 2022, reviewed the quarterly financial statements for the quarter ended 31 December 2021, as well as the annual audited financial statements in respect of the Financial Year Ended 31 December 2021. 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, based on the External Auditors’ recommendations. b. The subsequent quarterly financial statements for the quarters ended 31 March 2022, 30 June 2022 and 30 September 2022 were tabled and reviewed by the AC at its quarterly meetings held on 28 April 2022, 21 July 2022 and 25 October 2022 respectively, upon which the AC had recommended the quarterly financial statements to the Board for approval. c. The AC had, at its meeting held on 25 October 2022, also reviewed the adoption of the impairment approach and the assumptions used in the annual assessment for impairment of assets of KIBB Group for the Financial Year Ended 31 December 2022 and recommended the same for the Board’s approval, subject to a final assessment to be updated to the position as at 31 December 2022. d. At each of its quarterly meeting, the AC was also notified of the amount of non-audit fees incurred and paid by KIBB Group to the External Auditors and their affiliate to ensure compliance with the Group’s Policy on Non-Audit Services by External Auditors. 3.2 External Audit a. The report by the External Auditors on the statutory audit of the financial statements of the Company for the Financial Year Ended 31 December 2021 was reviewed and deliberated by the AC at its meeting held on 25 January 2022. During its deliberations, in addition to the relevant disclosures in the Audited Financial Statements, the AC had also considered the recommendations made by the External Auditors towards enhancing internal controls and procedures. b. The AC had also at the same meeting reviewed the list of services provided by the External Auditors during the financial year which comprised audit and regulatory-related services, issuance of a written communication to Management and the AC pertaining to the External Auditors’ audit/ findings, together with the recommendations for improvements in controls and procedures. The External Auditors’ services also included the review of the Statement on Risk Management and Internal Control, as well as other regulatory submission as required under the various regulatory requirements.
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