Audit Committee Report

EXTERNAL AUDIT FUNCTION

Apart from performing a planned statutory audit, the External Auditors also provided non-audit services in accordance with the Policy on Auditor's Independence or as approved by the AC based on competitive quotation/tendering of fees and evaluation to determine that such engagement would not impair the independence or objectivity of the External Auditors.

Based on the External Auditors' audit in accordance with applicable Approved Standards on Auditing in Malaysia, the annual financial statements for FY2008 were drawn up to give a true and fair view of the financial position of the Group in accordance with the provisions of the CA and applicable MASB. The performance of the external audit function has been reviewed and assessed based on agreed performance criteria as set out in the external auditors' Audit Planning Memorandum, timeliness and quality of communications, competency and adequacy of resources to achieve the agreed scope of the external audit. Feedback on the conduct of the external audit was obtained from the Management. The AC has recommended the reappointment of the External Auditors for FY2009.