FGV Annual Report 2020

210 FGV HOLDINGS BERHAD Annual Integrated Report 2020 How We Are Governed: Accountability The Chairman of the Audit Committee updated the Board on matters deemed to be of major importance deliberated at the Audit Committee meetings and its recommendations. The copies of confirmed minutes of each Audit Committee meeting were also circulated to the Board for noting at the next practicable Board meeting. Among the significant matters considered by the Audit Committee during 2020 were the following: Key Matters Reported to the Board Significant matters Financial Reporting Recurrent Related Party Transactions Internal Control Group Financial Policies Forensic and Internal Investigations How these matters were addressed by the AUDIT COMMITTEE Reviewed the quarterly financial results and year-end Financial Statements of FGV and the Group, focusing particularly on changes in financial reporting standards including assessing their impacts on the Financial Statements, reasons for fluctuations between periods, explanations for achievement of budgets, forecasts and matters requiring Management’s judgement, especially assets recoverability, accounting practices, unusual events and significant adjustments. Considered whether the recurrent related party transactions were undertaken at commercial terms in accordance with established procedures and within the mandate provided by the shareholders. Provided direction for internal control improvements on matters reported by the Group Internal Audit. Encouraged management to prioritise the improvements based on the observations reported in the Group Internal Audit reports. Reviewed and recommended to the Board the revised Group’s Limit of Authorities. Deliberated and recommended on the next steps and actions to be taken on the findings to the Board. 1 2 3 4 5