My EG Services Berhad Annual Report 2020

ANNUAL REPORT 2020 117 TRAINING AND EDUCATION During the financial year, the AC members attended individually or collectively seminar(s), conference(s) and/ or training(s) to continuously upgrade their skills and to keep abreast of current developments to enhance their knowledge and enable them to discharge their duties more effectively. INTERNAL AUDIT FUNCTION 5IF JOUFSOBM BVEJU GVODUJPO JT EFTJHOFE CBTFE PO B SJTL CBTFE BQQSPBDI UP FWBMVBUF BOE FOIBODF UIF (SPVQ T SJTL management, controls and governance processes to assist the management in achieving its corporate goals. During the FY2020, the internal audit function of the Group is outsourced to an independent professional firm, Vaersa, which reports directly to the AC and assists the Board in monitoring and managing risks and internal controls. The AC is satisfied that Vaersa’s independence have been maintained as adequate measures are in place. The AC is contented that Vaersa has sufficient resources and is able to access information to undertake its duties effectively. The internal audit reviews were carried out in accordance with the approved internal audit plan which covered the adequacy and effectiveness of the operational controls in mitigating risks, compliance with established policies and procedures, authority limits and applicable laws. The results of the reviews were formally reported to the AC and in this regard, management has taken note of the findings and duly acted upon the recommendations made by Vaersa. The internal audit reviews did not reveal any significant weaknesses and consequential provides reasonable assurance on the effectiveness of the Group’s systems of internal control and the adequacy of these systems to mitigate business risks and to safeguard the Group’s assets and resources. The total cost incurred for the internal audit function for the financial year under review was approximately RM30,000. Further details of the internal audit function are set out in the Risk Management and Internal Control Statement on QBHFT UP AUDIT COMMITTEE REPORT (CONT’D) GOVERNANCE