119 KENANGA INVESTMENT BANK BERHAD Annual Report 2022 Malaysian Financial Reporting Standards (“MFRS”) issued but not yet effective as at 1 January 2022 Description Effective Date 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 AIP2 MFRS 1 First time Adoption of International Financial Reporting Standards Subsidiary as a First-Time Adopter 1 January 2022 AIP MFRS 9 Financial Instruments Fees in the ‘10 Per Cent’ Test for Derecognition of Financial Liabilities 1 January 2022 AIP 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) In December 2015, the MASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting f. In view of the significant growth in the business of Kenanga Investors Berhad (“KIB”) and sizeable contribution towards the Group’s bottom line, EY had tabled the report in respect of the statutory audit of the financial statements for the Financial Year Ended 31 December 2021 and audit plan for KIB and Its Subsidiaries in respect of the Financial Year Ended 31 December 2022 to the Audit and Risk Committee of KIB (“ARC”) at its meetings held on 24 February 2022 and 19 October 2022 respectively. From the perspective of governance, EY will escalate key audit issues encountered at KIB level to the AC of KIBB for deliberation/ notation. Upon ARC’s approval, the audit plan for the Financial Year Ended 31 December 2022 of KIB Group was tabled to the AC of KIBB for deliberation at its meeting held on 25 October 2022. 3.3 Internal Audit a. At its meeting on 25 January 2022, the AC had reviewed and approved the 2022 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. On 28 April 2022, the AC had deliberated and approved GIA’s recommendation to co-source selected internal audit reviews which was subjected to GIA’s requirements and to be performed in accordance with GIA’s framework, as well as per the direction/ guidance from the Managers in-Charge from GIA. 2 AIP refers to Annual Improvements to MFRSs AUDIT COMMITTEE REPORT
RkJQdWJsaXNoZXIy NDgzMzc=