Annual Report 2022 71 ABOUT US LEADERSHIP PERSPECTIVE SUSTAINABILITY GOVERNANCE FINANCIAL STATEMENTS Other Information Audit Committee Report The selected key audit areas for the financial year ended 31 March 2022 that constituted the subject matters of the audit assignments carried out by the IAD were as follows:- i. Procurement ii. Human Capital Development iii. Finance and Accounting iv. Project Management v. Plants’ Production Operations vi. Personalisation Operations The audit findings predominantly related to normal operational shortcomings of lapses of controls in the internal control system. The Internal Audit Reports were also shared and reviewed by the external auditors in their audit planning purpose for effective co-ordination and consideration on the work covered between internal and external auditor functions as well as to determine and guide their audit strategies and procedures. b. Reviewed the performance, progress and activities of the Internal Audit functions on quarterly basis, which covered the following aspects:- i. The status of completion of planned audit assignments and other compliance work as per the approved Audit Planning Memorandum; ii. Modifications to the approved Audit Planning Memorandum, if any, to cater for ad-hoc audit assignments requested by the Management/Executive Committee and/ or Audit Committee/Board or as a result of consequential changes in the business operations and corporate development of the Group; iii. Adequacy of resources, skills and competencies of IAD personnel. To ensure a mixture of skilled and competent auditors in the IAD, the Audit Committee also reviewed the applicable training and development programme attended by IAD personnel and continuously encourage IAD personnel to pursue professional certification programmes available for internal auditors and IT auditors; iv. Significant matters/issues/challenges faced by the IAD in the conduct of audit fieldwork, and in this connection, the Audit Committee requested the IAD to put forth proposed solutions and recommendations to address the issues/challenges encountered with the view to improve a more effective undertaking of audit assignments; v. The man-hours and costs incurred by the IAD in discharging its roles and responsibilities within the approved manhours budget and costs budget. c. Reviewed the progress and successful implementation of the corrective action plans committed by the Management for all key audit findings and recommendations highlighted in the previous Internal Audit Reports. In respect of long-outstanding audit findings of significance, the Audit Committee followed the practice of instructing IAD to formally communicate with the auditees in expressing the Audit Committee concerns with requests for timely resolution of the outstanding audit issues. d. Reviewed and approved the Audit Planning Memorandum of the IAD for the working period from June 2022 to May 2023 in respect of the financial year ending 31 March 2023 with emphasis on the audit scopes of work, audit activities and planned of work, adequacy of resources and sufficiency of coverage of auditable areas selected in accordance with the risk-based audit approach. The identified key audit assignments planned for FY2022/2023 areas covered the following areas:- i. Project Management ii. Plants’ Production Operations iii. Personalisation Operations and Security iv. Fixed Assets Management v. Human Resources vi. Corporate Governance
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