1. Reviewed the year 2023 audit plan and scope of work for the Group. 2. Reviewed the audit fees, the number and experience of audit staff assigned to the audit engagement, resources and effectiveness of the external auditors. 3. Assessed the performance of the external auditors, their independence and objectivity. 4. Discussed on audit reports and evaluation of the systems of internal control. 5. Reviewed major audit findings and reservations arising from the interim and final audits, significant accounting issues and any related matter that the external auditors wished to discuss. 6. Discussed the external auditors’ review of the Statement on Risk Management and Internal Control for year 2023. 7. Reviewed the external auditors’ management letters and management responses. External Audit 1. Reviewed the internal auditors’ risk-based annual audit plan, to ensure adequate scope and comprehensive coverage over the significant risk areas of the activities within the Group. 2. Reviewed and deliberated all key matters identified in the internal audit reports, including adequacy of identified remedial action. 3. Reviewed the corrective actions taken by the Management in addressing and resolving issues as well as ensuring that all key issues were adequately addressed on a timely basis. 4. Reviewed the adequacy of the resource requirements and competencies of staff within GIA to execute the annual audit plan and the results of the work. 5. Reviewed the effectiveness of the internal audit processes of GIA. 6. Reviewed the AC Report and recommended the same to the Board for approval prior to their inclusion in the Company’s Integrated Report. Internal Audit 1. Reviewed the Circular to Shareholders relating to shareholders’ mandate for recurrent related party transactions of revenue or trading nature prior to recommending it for Board’s approval. 2. Monitored the related party transactions entered by the Company and the Group pursuant to the shareholders’ mandate obtained at the Annual General Meeting held on 12 June 2023. 3. Reviewed the related party transactions entered by the Company and the Group as well as the disclosure and the procedures relating to related party transactions. 4. Reviewed the Framework and Procedures on related party transactions in order for the said framework to be in line with the provisions of the MMLR. Related Party Transactions The AC also met with the external auditors twice during the year in the absence of Management to discuss amongst others, audit issues and reservations arising from the interim and final audits. The external auditors have assured the Audit Committee that in accordance with the terms of all relevant professional and regulatory requirements, they had been independent throughout the audit engagement for year 2023. The external auditor’s service fees including the statutory audit fees are available on page 218 of this Integrated Report. Integrated Report 2023 125
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