EXCEL FORCE MSC BERHAD Annual Report 2019

EXCEL FORCE MSC BERHAD - ANNUAL REPORT 2019 33 INTERNAL AUDIT FUNCTIONS The Company has outsourced its internal audit division to an independent professional consulting firm to assist the Audit Committee in discharging their responsibilities and duties. The internal audit functions is to undertake independent regular and systematic reviews of the system of internal controls to provide reasonable assurance that such system continues to operate satisfactory and effectively. In developing the scope of the internal audit function, the Audit Committee has satisfied that:- (a) the person responsible for internal audit has relevant experience, sufficient standing and authority to enable him to discharge his functions effectively; (b) internal audit has sufficient resources and is able to access information to enable it to carry out its role effectively; and (c) the personnel assigned to undertake internal audit have the necessary competency, experience and resources to carry out the function effectively. The internal audits cover the review of the adequacy of risk management, operational controls, and compliance with established procedures, guidelines and statutory requirements. The details of internal audit functions are noted in the Statement on Risk Management and Internal Control in this Annual Report. During the financial year under review, the internal auditors reviewed and audited the following areas:- (a) internal control environment of Sales and Marketing function; (b) internal control environment of Finance and Accounts and Procurement function; (c) internal control environment of Project Management function; and (d) internal control environment of Research and Development and System Design. The fee (inclusive of sales and services tax) paid to the professional firm in respect of internal audit function for the financial year ended 31 December 2019 was RM37,355.00. audit committee report (CONT’D)