INTERNAL CONTROL SYSTEMS (CONT’D) Key Features of Internal Control (Cont’d) The key elements and/or features of the internal control system established for maintaining strong corporate governance are as follows (Cont’d): (b) Internal Audit (Cont’d) Audit reviews and engagements are carried out based on a risk-based annual internal audit plan approved by the BARC. PKF executes the audit engagements with regard to risk exposures, compliance with policies and procedures, relevant laws and regulations, and against best practices. PKF then provides the BARC with periodic reports, highlighting observations, recommendations and action plans to improve the organisation’s internal control system. In addition, special reviews and scope extensions were also undertaken as required by the BARC and management. (c) The Standard Operating Procedures The Standard Operating Procedures with specified roles and responsibilities in the reporting structure incorporate the elements of checks and balances which are aligned to the business and compliance requirements. (d) Policies & Frameworks Documented policies and procedures are also in place subject to review every now and then to ensure that it maintains their effectiveness to support the REIT’s business activities. The Manager has revised the following policies and frameworks in the year under review: - Established an Outsourcing Policy proposed by the Management and tabled & approved by the Board of Directors on 14 August 2024. - Established a Green Procurement Guidelines proposed by the Management and tabled & approved by the Board of Directors on 18 September 2024. - Established a Mental Health Management Procedure which was proposed by the Management and tabled & approved by the Board Sustainability Committee on 20 August 2024. - Anti-Bribery & Corruption Manual: The management reviewed the manual and tabled & approved by the Board of Directors on 24 May 2024. - No Gift & Entertainment Policy: The policy was reviewed by the Management and tabled & approved by the Board of Directors on 24 May 2024. - Claim Management Procedure: The procedure was reviewed & revised by the management effective 1 July 2024. (e) Digitalisation ICT Policy & Compliance The Manager adheres to Johor Corporation Group policy and adopts the JCorp digitalisation and IT strategy, approach and digital maturity roadmap. The Internal ICT audit and system are monitored and reviewed yearly to ensure compliance and standard operating policy and procedures Statement on Risk Management and Internal Control 1 ABOUT US 145 3 SUSTAINABILITY STATEMENT 4 CORPORATE GOVERNANCE 5 OTHER INFORMATION 6 FINANCIAL STATEMENTS 2 BUSINESS OVERVIEW
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