(vi) Other matters (a) Reviewed the terms of reference for the AC to support the Board in fulfilling its oversight responsibilities and fiduciary duties in reviewing and maintaining a robust enterprise risk management framework and systems and ensuring compliance with applicable laws, regulations, rules, directives, and guidelines to manage the overall risk exposure of DNeX Group effectively. (b) Assessed the Company’s compliance with the MMLR, approved accounting standards and other relevant legal and regulatory requirements. (c) Reviewed and assessed the legal proceedings involving DNeX and its group of companies. INTERNAL AUDIT FUNCTION DNeX Group has maintained an in-house Internal Audit department since November 2020 to enhance the effectiveness of its control and governance processes. The department is led by Izham Syah bin Mahrome, a member of the Association of Chartered Certified Accountants, the Institute of Internal Auditors, Malaysia and the Malaysian Institute of Accountants. As of 31 December 2024, the department is managed by a Head of Internal Audit and supported by a team of three (3) internal auditors and one (1) audit administrator. All personnel from the Internal Audit department are free from any relationships or conflicts of interest with DNeX Group that could compromise their objectivity and independence in their work. The internal auditors report directly to the AC and support the AC in discharging its duties and responsibilities. The Internal Audit department performed its internal audit functions according to the annual audit plan, which was reviewed and approved by the AC. The audit plan includes a review of the adequacy of operational controls, risk management, compliance with established policies, procedures, applicable laws and regulations and management efficiency. Additionally, the AC evaluates whether the internal audit functions are sufficiently staffed with skilled and proficient internal auditors. The internal auditors performed their duties within the framework of the Audit Charter and based on a methodology that aligns with the International Standards for the Professional Practice of Internal Auditing, as set forth by the Institute of Internal Auditors. The total cost of the internal audit function incurred for the FYE 31 December 2024 was RM594,630. For more information on risk management, internal controls, and internal audit functions, please refer to the Statement on Risk Management and Internal Controls in this Integrated Report. 108 Governance DAGANG NeXCHANGE BERHAD Integrated Report 2024 AUDIT COMMITTEE REPORT
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