Audit Committee Report CONTINUOUS PROFESSIONAL DEVELOPMENT PROGRAMME AC members acknowledged the need to continuously undertake professional development to keep themselves abreast of relevant developments in accounting and auditing standards, practices and rules, in line with Practice 9.5 of the MCCG. Details of the trainings attended by members of the AC can be viewed on pages 111 to 113 of this Integrated Report. ATTENDANCE AT MEETINGS The AC convened eight meetings during the year under review. The attendance of each member at the Committee meetings are set out below: Member Attendance of Meetings (Dr.) Salihin Abang 8/8 Tan Sri Dato’ Wira Aziah Ali 8/8 Maj. Gen. Dato’ Seri Haji Khairuddin Abu Bakar (R) J.P. 8/8 Datuk Haji Abdul Ghani Abdul Rashid 0/0 The AC meetings were also attended by the Acting Chief Executive Officer (CEO), Chief Financial Officer (CFO) and Head of Group Internal Audit (GIA) of Boustead Holdings Berhad (BHB). Minutes of each AC meeting were recorded and tabled for confirmation at the following meeting and subsequently presented to the Board for notation. The AC reviewed its report for the financial year ended 31 December 2023 to ensure that it was prepared in compliance with the relevant regulatory requirements and guidelines. The Chairman of the AC reports to the Board on principal matters deliberated at AC meetings. The AC Chairman also conveys to the Board matters of significant concern raised by the external and/or internal auditors. KEY ACTIVITIES IN 2023 During the year, the AC carried out its duties as set out in its TOR. The main activities undertaken were as follows: 1. Reviewed the quarterly unaudited financial results and audited annual financial statements of the Group to ensure compliance with the MMLR, applicable approved accounting standards and other statutory and regulatory requirements prior to recommending the same for approval by the Board. 2. Reviewed the impact of any changes to the accounting policies and adoption of new accounting standards as well as accounting treatments used in the financial statements. 3. Obtained assurance from the CFO that: • appropriate accounting policies had been adopted and applied consistently; • the going concern basis applied in the annual financial statements and quarterly financial statements was appropriate; • prudent judgements and reasonable estimates had been made in accordance with the Malaysian Financial Reporting Standards (MFRS); • adequate processes and controls were in place for effective and efficient financial reporting and disclosures under the MFRS and MMLR; and • the quarterly and annual financial statements did not contain material misstatements and gave a true and fair view of the financial position of the Group and the respective companies within the Group for year 2023. Financial Reporting Boustead Plantations Berhad 124
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