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168

AUDIT & RISK

C O M M I T T E E R E P O R T

COMPOSITION

The ARC consists of three (3) members, all of whom are Non-Executive Directors, with a majority of them being Independent

Directors. This complies with Paragraph 15.09(1)(a) and (b) of the Main Market Listing Requirements (“Listing Requirements”)

of Bursa Malaysia Securities Berhad (“Bursa Securities”).

The ARC Chairman, Mr Robert Tan Bun Poo, is a member of the Malaysian Institute of Accountants (MIA) and the Malaysian

Institute of Certified Public Accountants. With two (2) ARC members being members of the Malaysian Institute of Accountants,

the Company meets the requirement of Paragraph 15.09(1)(c)(i) of the Listing Requirements.

THE BOARD IS PLEASED TO PRESENT THE AUDIT AND RISK COMMITTEE (“ARC”)

REPORT WHICH PROVIDES INSIGHTS ON HOW THE ARC DISCHARGED ITS

FUNCTION AND DUTIES FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016.

THE ARC ASSISTS THE BOARD IN ITS OVERSIGHT OF THE COMPANY’S FINANCIAL

REPORTING, AND IN FULFILLING ITS FIDUCIARY RESPONSIBILITIES RELATING TO

INTERNAL CONTROLS. THIS INCLUDES RISK MANAGEMENT, MAINTENANCE OF

FINANCIAL AND ACCOUNTING RECORDS AND SETTING POLICIES AS WELL AS

FINANCIAL REPORTING PRACTICES OF THE GROUP. IT ALSO REVIEWS RELATED

PARTY TRANSACTIONS AND CONFLICT OF INTEREST SITUATIONS THAT MAY

ARISE WITHIN THE GROUP.