GHL SYSTEMS BERHAD 199401007361 (293040-D) ANNUAL REPORT 2022 46.."3: 0' "$5*7*5*&4 %63*/( '*/"/$*"- :&"3 &/%&% %&$&.#&3 (Cont’d) *OUFSOBM "VEJU (Cont’d) f. Reviewed the status of audit findings in ensuring appropriate actions are implemented in a timely manner by the Management, with no audit issues left unaddressed. g. Reviewed and approved the revisions to the Internal Audit Charter. h. Reviewed and deliberated on the Quality Assurance Review (“QAR”) report issued by the appointed external organisation pursuant to the evaluation of GIA’s conformance with the IIA’s International Standards for the Professional Practice of Internal Audit and the Code of Ethics. 3FDVSSFOU 3FMBUFE 1BSUZ 5SBOTBDUJPO Recurrent related party transactions undertaken by the Group are reviewed annually for compliance with the MMLR and the appropriateness of such transactions to avoid any potential or actual conflict of interest and to ensure decisions are based on the Group’s normal commercial terms, and that adequate internal procedures had been followed to protect the interest of the Company and its shareholders. 0UIFS "DUJWJUJFT a. Reviewed the Statement on Risk Management and Internal Control, Corporate Governance Overview Statement, and Audit and Risk Committee Report prior to the Board’s approval for inclusion in the Annual Report. b. Reviewed the Corporate Governance Report prior to the Board’s approval for submission to Bursa Malaysia. c. Conducted a self-assessment to evaluate the Committee’s overall effectiveness in discharging its responsibilities. d. Verified the allocation of Employer Share Scheme (“ESS”) to executives, pursuant to the ESS By-Law 5.2. e. Reviewed the Group’s Credit and Collection Policy to ensure the Group has sound credit risk management to address credit risks inherent in the existing business operations and lending business. */5&3/"- "6%*5 '6/$5*0/ The Group has established an internal audit function as a key component of its internal control appraisal process. The Head of GIA reports independently to the ARC and is guided by a formalised Internal Audit Charter and The Institute of Internal Auditor’s International Professional Practice Framework. The main responsibility of the GIA function is to undertake independent assessments on the adequacy and effectiveness of internal controls pertaining to key areas as follows: a. Reliability and integrity of financial and operational information. b. Effectiveness and efficiency of operations. c. Safeguarding of assets. d. Compliance with applicable laws and regulations. The GIA does not have any direct operational responsibility or authority over any of the activities it audited and neither had they engaged in any activity that might impair the internal auditor’s judgement. All internal audit staff declare annually that they are free from any relationships or conflict of interest. AUDIT AND RISK COMMITTEE REPORT CONT’D
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