112 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M) INTERNAL AUDIT FUNCTION (CONT’D) During the FYE 2024, the Internal Auditors have performed 3 internal audit reviews in the following areas in accordance with the duly approved Internal Audit Plan: Internal Audit Scope Adequate Procedures for Anti-Bribery and Corruption on the Group Procurement to Payment Management on Keyfield Offshore Sdn Bhd Chartering to Accounts Receivables Management on the Group After completing the internal audit review, the Internal Auditors presented the internal audit report, including audit findings, root-cause analysis and corresponding recommendations to the ARMC for review and deliberation during the scheduled meetings. Based on the internal audit review conducted in FYE 2024, we are pleased to report that there were no significant weaknesses that would result in material losses, contingencies, or uncertainties requiring separate disclosure in this Annual Report. Further insights into our internal audit function are detailed in our Statement on the Risk Management and Internal Control in this Annual Report. The total cost incurred for the Group’s internal audit function in respect of FYE 2024 amounted to RM75,000. AUDIT AND RISK MANAGEMENT COMMITTEE REPORT (cont’d)
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