Shaped By High Standards Of Governance 148 FGV HOLDINGS BERHAD Effective Audit and Risk Management Principle B: SUMMARY OF WORK At the commencement of the year, the AC provided key areas of concern to direct the Management’s attention, and the AC required the Management to report these matters to the AC. FINANCIAL REPORTING a. Report from PricewaterhouseCoopers PLT (PwC) for the financial year ended 31 December 2021 b. Met with the external auditors in two private sessions during the financial year without the presence of Management on 23 March 2022 and 23 August 2022 c. Financial and Operational Report for Plantation, Sugar and Logistics & Others Sectors d. Quarterly Report on Consolidated Results e. Update on Group Rolling Monthly Cash Flow f. Proposal for Final Dividend for the financial year ended 31 December 2021 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 2021 h. Update on FGV Group Recurrent Related Party Transactions i. Production of FGV’s Annual Integrated Report 2021 j. Statutory Financial Statements for the financial year ended 31 December 2021 k. Non-Audit Services Provided by PwC for the financial year ended 31 December 2021 l. Re-appointment of External Auditor for the financial year ended 31 December 2022 m. Proposal for Interim Dividend for the financial year ending 31 December 2022 n. Proposed Fee for Statutory Audit and Quarterly Review for FGV and its Group of Companies for financial year 2022 RISKS AND INTERNAL CONTROL ENVIRONMENT a. CG Board’s Final Report from Outsourced Internal Audit on Corporate Governance Practices b. KPMG’s Final Report from Outsourced Internal Audit on Risk Management Processes c. KPMG’s Final Report from Outsourced Internal Audit on FGV’s Cyber Security d. Group Internal Audit Reports e. Update on Implementation of Recommendations from Internal Audit f. Update on the Progress of Matters that were subject to Forensic Investigation and Legal Advice g. Proposal for Renewal of Shareholders’ Mandate and New Shareholders’ Mandate for Recurrent Related Party Transactions of a Revenue or Trading Nature h. Quarterly Report on the Status of Material Litigation Cases involving FGV Group i. Proposal for CGOS, Report on the AC and CG Report 2021 j. Statement on Risk Management and Internal Control for FGV Annual Integrated Report 2021 k. Proposal for Revision to FGV Group’s LoA – Legal EXTERNAL AUDIT PROCESS AND OUTCOME a. Assessed the comprehensiveness of the audit plan of the external auditors for 2022 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 2022 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 2021. c. Assessed the external auditors audit fees for 2022. d. Received written assurance from external auditors in their audit plan for 2022 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.
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