42 Annual Report 2025 SUMMARY OF WORK OF THE AUDIT COMMITTEE (CONT’D) During the financial year ended 30 June 2025, the Audit Committee has carried out the work as set out in the terms of reference are summarized as follows:- (cont’d) Internal Audit Functions The Company has outsourced its internal audit division to an independent professional consulting firm, Vaersa Advisory Sdn Bhd (“Vaersa”), to assist the Audit Committee in discharging their responsibilities and duties. Vaersa’s function is to undertake independent regular and systematic reviews of the system of internal controls to provide reasonable assurance that such system continues to operate satisfactory and effectively. In developing the scope of the internal audit function, the Audit Committee has satisfied that: (a) the person responsible for internal audit has relevant experience, sufficient standing and authority to enable him to discharge his functions effectively; (b) internal audit has sufficient resources and can access and analyse the information to enable it to carry out its role effectively; and (c) the personnel assigned to undertake internal audit have the necessary competency, experience and resources to carry out the function effectively. Vaersa’s scope of work includes the review of the adequacy of risk management, operational controls, and compliance with established procedures, guidelines and statutory requirements. The details of internal audit functions are disclosed in the Statement on Risk Management and Internal Control in this Annual Report. Vaersa is free from any relationships or conflicts of interest, which could impair their objectivity and independence of the internal audit function. The Internal Auditors do not have any direct operational responsibility or authority over any of the activities audited. The Audit Committee is of the opinion that the internal audit function is effective and able to function independently. For the financial year ended 30 June 2025, four (4) internal audit reviews had been carried out by Internal Auditors: - Audit Period Reporting Month Name of Entity Audited Audited Areas July – September 2024 November 2024 Excel Force MSC Berhad • Human Resource and Administration October – December 2024 February 2025 Excel Force MSC Berhad • Customer Service January – March 2025 May 2025 Excel Force MSC Berhad • Sales and Business Development April – June 2025 August 2025 Excel Force MSC Berhad • Management Information System Follow-up status reviews were also carried out to ensure weaknesses identified have been or are being addressed. During the financial year under review, Vaersa presented their follow-up status reports on previously reported audited findings in respect of the following functional scopes of the Group: Reporting Month Name of Entity Functional Scopes November 2024 Excel Force MSC Berhad • Corporate Governance and Anti-Bribery Management System reported in February 2024. • Finance and Accounts and Procurement reported in May 2024 February 2025 Excel Force MSC Berhad • Human Resource and Administration reported in November 2024 May 2025 Excel Force MSC Berhad • Customer Service reported in February 2025 August 2025 Excel Force MSC Berhad • Sales and Business Development reported in May 2025 Based on the internal audit reviews conducted, none of the weaknesses noted have resulted in material losses, contingencies, or uncertainties that would require separate disclosure in this Annual Report. The Internal Auditors are free from any relationships or conflicts of interest, which could impair their objectivity and independence of the internal audit function. The Internal Auditors do not have any direct operational responsibility or authority over any of the activities audited. The Audit Committee is of the opinion that the internal audit function is effective and able to function independently. The fee (inclusive of sales and service tax) paid to the professional firm in respect of internal audit function for the financial year ended 30 June 2025 was RM43,200.00. AUDIT COMMITTEE REPORT
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