Affin Bank Berhad | Annual Report 2020

212 GROUP BOARD AUDIT COMMITTEE REPORT ORGANISATION EXECUTIVE SUMMARY CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION AUDIT COMMITTEE MEETINGS HELD IN THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 During the financial year ended 31 December 2020, a total of eleven (11) GBAC meetings were held. The GBAC is in compliance with the principles and best practices set out in the Malaysian Code on Corporate Governance. The GBAC members comprised individuals with a diversity of skills, knowledge and caliber in providing independent, objective and effective oversight. The GBAC meetings’ agendas, relevant GBAC papers and audit reports were distributed to the GBAC members five (5) days prior to the date of the meetings. All GBAC meetings were also attended by the GCIA together with the GIA Departmental Heads, while attendance of other Senior Management staff is by invitation depending on the matters deliberated by the GBAC. The Company’s External Auditors attended four (4) GBAC meetings during the period. There were discussions between the GBAC and the External Auditors with regards to significant audit issues, changes in the implementation of major accounting policies, compliance with accounting standards and other legal requirements including regulatory requirements and business issues highlighted by them for financial year ended 31 December 2020. The GBAC had also reviewed the External Auditor’s Audit Plan for the Financial Year Ending 31 December 2020. In addition, the External Auditors were invited to attend the annual general meeting to respond to shareholders’ question on audit related issues. The GBAC also had direct and unrestricted access to the GIA and had ad-hoc discussions with the GIA without the presence of management. As the Board is ultimately responsible for the financial reporting and overall governance of the AFFIN Bank Group, the Chairman of the GBAC had consistently briefed the Board of Directors on issues discussed at the GBAC meetings. The minutes of the GBAC meetings were tabled to the Board for information and action by the Board where appropriate.