FGV HOLDINGS BERHAD | ANNUAL INTEGRATED REPORT 2023 131 PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT a. Assessed the comprehensiveness of the audit plan of the external auditors for 2023 and ensured coordination with the various other audit firms apart from PwC, who are involved in the external audit of several subsidiaries. b. Assessed the external auditors for their reappointment for 2023 based on the established External Auditor Policy and recommended their re-appointment to the Board. The AC also considered the feedback from Management on their evaluation of the external auditors based on the services provided on the external audits for 2022. c. Assessed the external auditors audit fees for 2023. d. Received written assurance from external auditors in their audit plan for 2023 confirming they are, and will maintain, independent throughout the conduct of the audit engagement in accordance with the ToR of all relevant professional and regulatory requirements. EXTERNAL AUDIT PROCESS AND OUTCOME SUMMARY OF WORK At the commencement of the year, the AC provided key areas of concern to direct the Management’s attention, and the Management was required to report key matters to the AC. These were reported in the following key matters dealt by the AC during the year: a. Report from PricewaterhouseCoopers PLT (PwC) for the financial year ended 31 December 2022 b. Met with the external auditors in two private sessions during the financial year without the presence of Management on 22 March 2023 and 22 August 2023 c. Financial and Operational Report for Plantation, Sugar and Logistics & Support Sectors d. Quarterly Report on Consolidated Results e. Quarterly update on Group Rolling Cash Flow f. Proposal for Final Dividend for the financial year ended 31 December 2022 g. Proposal for issuance of letter of Financial Support for FGV and its Group of Companies which are in Net Current Liabilities or Net Liabilities Position as at 31 December 2022 h. Update on FGV Group Recurrent Related Party Transactions i. Production of FGV’s AIR 2022 j. Statutory Financial Statements for the financial year ended 31 December 2022 k. Non-Audit Services Provided by PwC for the financial year ended 31 December 2022 l. Re-appointment of External Auditor for the financial year ended 31 December 2023 m. Proposal for Final Dividend for the financial year ended 31 December 2022 n. Proposed Fee for Statutory Audit and Quarterly Review for FGV and its Group of Companies for financial year 2023 o. Proposal to establish an Islamic Medium Term Notes (Sukuk Murabahah) Programme of up to RM3.0 Billion (upsized from RM500 Million) in nominal value under the Shariah Principle of Murabahah (via Tawarruq Arrangement) p. Tax Corporate Governance Framework for FGV Group of Companies FINANCIAL REPORTING RISKS AND INTERNAL CONTROL ENVIRONMENT a. Group Internal Audit (GIA) Reports b. Received updates on Implementation of Recommendations from Internal Audit c. Received updates on the Progress of Matters that were subject to Forensic Investigation and Legal Advice d. Proposal for Renewal of Shareholders’ Mandate and New Shareholders’ Mandate for Recurrent Related Party Transactions of a Revenue or Trading Nature e. Quarterly Report on the Status of Material Litigation Cases involving FGV Group f. Proposal for CGOS, Report on the AC and CG Report 2022 g. Statement on Risk Management and Internal Control for FGV Annual Integrated Report 2022 h. Production of FGV’s AIR 2022 i. Proposal for Revision of FGV Group’s Limits of Authority – Legal
RkJQdWJsaXNoZXIy NDgzMzc=