PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT (CONT'D) Independence Of External Auditors (Cont'd) The External Auditors are invited to attend the Annual General Meeting to respond to queries from unitholders regarding the statutory audit and the audited financial statements. The External Auditors have confirmed their independence and compliance with ethical and professional standards. The BARC concluded that the External Auditors maintained a high standard of audit quality, demonstrated professional competence, and possessed adequate resources to discharge their responsibilities effectively. Internal Audit Function The Manager has outsourced its internal audit function to PKF Risk Management Sdn Bhd (“PKF”) to ensure independent and objective oversight of the internal control environment. PKF reports functionally to the BARC and administratively to the Chief Executive Officer and the Corporate Services Department. This reporting structure preserves the independence and integrity of the internal audit function. The internal audit activities are governed by an Audit Charter, approved by the BARC, and aligned with the International Professional Practices Framework of the Institute of Internal Auditors. Key responsibilities of PKF include: • Conducting independent reviews of internal control systems; • Identifying and reporting internal control weaknesses or deficiencies; • Recommending improvements to enhance control effectiveness; • Undertaking investigative audits when required. Audit areas are prioritised based on a risk-based methodology, and high-risk functions are audited annually in accordance with the BARC-approved Internal Audit Plan. Audit findings, recommendations, and Management responses are presented to the BARC for deliberation. Where appropriate, the BARC directs Management to implement remedial actions. To uphold audit effectiveness and independence, the BARC is empowered to: • Meet privately with the Internal Auditor; • Approve and report on internal audit appointments to the Board; • Evaluate the performance of the internal audit function. The BARC was satisfied with PKF’s performance and its ability to effectively discharge its internal audit duties for the financial year under review. Corporate Governance Overview Statement 1 ABOUT US 111 3 SUSTAINABILITY STATEMENT 4 CORPORATE GOVERNANCE 5 OTHER INFORMATION 6 FINANCIAL STATEMENTS 2 BUSINESS OVERVIEW
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