(d) Reviewed the Follow-up Internal Audit Reports issued during the financial year ended 30 June 2022 as follows:- 1. Human Resource Management and Payroll Function (Centralised Function). 2. Customer Profile Management and Customer Services Management for Dagang Net Technologies Sdn. Bhd. (e) Assess the effectiveness of the internal audit functions. (iv) Risk Management Reviewed the consolidated risk management report and mitigation action plans for identified risks on a quarterly basis prior to the establishment of the Risk and Governance Committee on 4 February 2022. (v) Related Party Transactions Reviewed the related party transactions and recurrent related party transactions entered into by the Company and its subsidiaries on a quarterly basis. (vi) Other matters (a) Reviewed and revised the Terms of Reference of the Audit Committee to be in line with the 2021 update of the Malaysian Code on Corporate Governance issued on 28 April 2021 and the formation of a Risk and Governance Committee to assist the Board in discharging its oversight responsibilities and fulfilling its fiduciary responsibilities in formulating, overseeing as well as inculcating a sound enterprise risk management framework and systems, including systems for compliance with applicable laws, regulations, rules, directives and guidelines in order to manage the overall risk exposure of the Group. (b) Reviewed the site visit report on CS DNeX Pacific Link. INTERNAL AUDIT FUNCTION Effective from November 2020, the Group has established an in-house Internal Audit Department to improve the effectiveness of the control and governance process. It is headed and led by Encik Izham Syah Mahrome, who is a member of the Association of Chartered Certified Accountants, the Institute of Internal Auditors, Malaysia and also, the Malaysian Institute of Accountants. As at 30 June 2022, the Head of Internal Audit Department is supported by a team of five (5) internal auditors. All the personnel deployed by the Internal Audit Department are free from any relationships or conflicts of interest in DNeX Group, which could impair their objectivity and independence during the course of their work. The internal auditors report directly to the Audit Committee and assists the Audit Committee in discharging its duties and responsibilities. The internal audit function was carried out by the Internal Audit Department based on the annual audit plan that was reviewed and approved by the Audit Committee. The audit plan includes review of the adequacy of operational controls, risk management and compliance with established policies, procedures, applicable law and regulations and management efficiency. The Audit Committee also reviews the adequacy of the scope, functions, competency and resources of the internal audit function to ensure that it is adequately resourced with competent and proficient internal auditors. DAGANG NeXCHANGE BERHAD 150 AUDIT COMMITTEE REPORT
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