EFFECTIVE AUDIT AND RISK MANAGEMENT ACCOUNTABILITY AND AUDIT AUDIT COMMITTEE The Audit Committee (AC) supports the Board in ensuring that there is a reliable and transparent financial reporting process, and reviews the corporate governance practices and internal control system, ensuring checks and balances within the Group. The Audit Committee is composed of one NINED and two INEDs in 2024 increasing to three INEDs as of 1 March 2025. Members of the AC possess relevant accounting or related financial management experience or expertise. The Chair of the AC has over 26 years of relevant accounting experience and is not the Chairman of the Board. In the financial year under review, the AC reviewed all key internal audit reports and ensured that Senior Management took necessary corrective actions promptly to address control weaknesses, non-compliance with laws, regulatory requirements, policies, and other issues identified by the internal auditors and other control functions. The Chair of the AC will highlight the key deliberations for its objective review to the Board. FGV has in place, a process to consider the appointment and re-appointment of External Auditors. This process requires the AC to assess the External Auditors’ compliance with qualification criteria, which includes evaluating the independence, objectivity, and performance of the External Auditors. As part of its remit, the AC must ensure that the objectivity, independence, and effectiveness of the external auditor are maintained in line with the Board Charter. BOARD GOVERNANCE AND RISK MANAGEMENT COMMITTEE In discharging of its responsibility to effectively manage risks across the Group, determining its risk appetite and ensuring the implementation of adequate and appropriate controls, the Board reviews its risk management processes and internal control procedures to ensure a sound system of risk management and internal control that safeguards shareholders’ investments and the Group’s assets. In addition to overseeing the Group’s risk management, internal controls, and financial reporting, the BGRMC also ensures a thorough review of specific financial, operational, and regulatory aspects of the Group’s business. The Group’s system of internal financial control primarily aims to safeguard the Group’s assets, ensure that proper accounting records are maintained, identify and manage business risks, and uphold compliance with relevant legislation and regulations. Financial Reporting For the year under review, neither the internal nor external auditors recorded any accounting irregularities. B PRINCIPLE Corporate Governance Overview Statement 212 FGV Holdings Berhad | Annual Integrated Report 2024
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