111 ANNUAL REPORT 2024 AUDIT AND RISK MANAGEMENT COMMITTEE REPORT (cont’d) SUMMARY OF WORK OF THE ARMC (CONT’D) (E) Conflict of Interest ("COI”) and/or Potential COI (i) Reviewed the COI and/or potential COI situations that arose, persisted or may arise within the Group on a quarterly basis, along with the measures taken to resolve, eliminate or mitigate such conflicts, to ensure compliance with provisions of MMLR. During the FYE 2024, a potential COI was identified and reported to the ARMC for review. The ARMC was satisfied with the mitigation measures implemented by the Management, and such conflict has been properly addressed. (F) Risk Management and Internal Control (i) Reviewed and deliberated on the establishment of the Enterprise Risk Management Framework of the Group and recommended the same to the Board for approval. (G) Sustainability Management (i) Reviewed the Group’s Sustainability Framework and Policy and Materiality Matrix, and recommended the same to the Board for approval. (H) Other Matters (i) Reviewed and deliberated on the establishment of Audit Policy and Procedures for assessing the suitability, objectivity and independence of the External Auditors, and recommended the same to the Board for approval; and (ii) Reviewed the ARMC Report and Statement on Risk Management and Internal Control, and recommended the same to the Board for approval. INTERNAL AUDIT FUNCTION The Group has outsourced its internal audit function to Baker Tilly Monteiro Heng Governance Sdn Bhd (“Baker Tilly Malaysia”) to assist the ARMC in providing objective and independent views on the Group’s risk management and internal control system. The outsourced Internal Auditors are free from any relationships or conflicts of interest which could impair their objectivity and independence. In order to uphold the highest level of independence and integrity, Internal Auditors are authorised to report directly to the AC. The Internal Auditors perform their audit in accordance with IPPF for Internal Auditing issued by the IIA. The Internal Auditors are led by Mr. Kuan Yew Choong, the Partner of Internal Audit & Risk Advisory at Baker Tilly Malaysia. Mr. Kuan is a professional member of the Institute of Internal Auditors Malaysia and also possesses full professional certification from ACCA. He has 2 decades of experience in the field of internal auditing and is equipped with the knowledge and expertise in the realm of risk management, internal controls and governance practices. Mr. Kuan is supported by a team of up to 3 internal audit personnel to carry out the internal audit engagement during the FYE 2024 based on the approved internal audit plan. As such, the ARMC considers that the personnel assigned to undertake the internal audit have the necessary competency, experience and resources to carry out the function effectively.
RkJQdWJsaXNoZXIy NDgzMzc=