Page 56 - Annual Report 2021

Overview Leadership Message Business Segment Moving Forward Our Resources Working for a corporate Financial
Review Plan Better Tomorrow governance Statements

COrPOraTE GOvErnanCE

Whistleblowing, Bribery, corruption
and Fraud
The Committee shall review the Group’s:

• Arrangements to provide a safe
environment for employees to raise
issues and concerns, in confidence,
on possible wrongdoings in financial
reporting or other matters, including
bribery and corruption. The
Committee shall ensure such
arrangements will provide for the
appropriate and independent
investigation of such issues and
follow up procedures.
• Procedures and control systems on
prevention and detection of bribery, action and responsiveness to the the audit team from key members
fraud, and corruption. external auditor’s findings and that were involved.
• Reports on non-compliance against recommendations. • Conduct a separate meeting with the
Group policy and ensure that • Oversee work of the external auditor external auditor, without
arrangements are in place to and review: management, at least once a year.
investigate such cases through - the findings of their audit;
independent third parties, where - significant issues that may have Other Matters
and if appropriate. been identified; The Committee shall:
- resolution by management and
internal audit enquire or report on unresolved • Have access to resources, including
The Committee shall: issues; the company secretarial assistance
- any key accounting and audit as required.
• Review performance of the internal judgments; • Undertake other oversight functions
audit service provider and endorse - the extent of errors identified as determined by the Board.
appointment or removal as during the audit; • Where necessary, institute special
necessary. - errors that have remained investigations and, if appropriate,
• Approve the scope and plan of the unadjusted. hire such experts as required to
internal audit function, considering • Oversee and monitor management’s assist in accordance with UMH
the schedules of the external action and responsiveness to the Group procedures and guidelines.
auditor. external auditor’s findings and • Review the present Term of
• Review performance of the internal recommendations. Reference on an annual basis.
audit service provider and appoint • Carry out a post-audit cycle review
or remove as necessary. to ascertain the quality and chairperson
• Receive reports and review the effectiveness of the audit process to: • The Committee members are
internal auditor’s work results - review if auditors met the agreed appointed by the Board based on the
periodically, ensuring alignment audit plan; recommendation of the Nomination
with the internal audit plan. - understanding the rationale for and Remuneration Committee (“NRC”)
• Conduct a separate meeting with the changes, including changes in and shall comprise a Chairman and
the internal auditor, without perceived audit risks and the work at least two other members.
management, at least once a year. undertaken by the external
auditors to address those risks; Membership
External audit - review and endorse the fees
The Committee shall: charged by the external auditor; • The members of the Committee
- review the performance of the shall be appointed by the Board.
• Review the nature and scope with auditors in handling key accounting • Of the Committee, at least one
the external auditor before the and auditing judgments and their member shall have substantial
commencement of the audit. responses to the Committee; relevant and recent financial
• Oversee and monitor management’s - solicit feedback on the conduct of experience, and at least one shall be

56 UM Holdings Group