In the course of performing its duties, the External Auditors has met with the Board on one occasion without the presence of Senior Management to provide an update on related accounting and audit matters. The following are the fees paid / payable to the External Auditors and affiliates: FEES FY2023 (RM) FY2022 (RM) Audit Fees 714,000 665,000 Non-Audit Fees 202,000 199,000 INTERNAL AUDIT FUNCTION Matrix’s internal audit function (“IAF”) is supported by Wensen Asia Consulting (M) Sdn Bhd, an independent external firm that provides additional resources to augment the Company’s IAF, providing an additional check and balance mechanism to strengthen the integrity of Matrix’s internal audit processes. The IAF executes its work scope based on a defined audit plan that is approved by the AC. The IAF provides independent, regular and systematic reviews of the internal control, risk management and governance processes within the Group. The Head of the IAF reports to the Audit Committee towards ensuring the independence of the internal audit process. In FY2023, the IAF, as per the approved audit plan carried out all audit assignments with findings reported to the AC. Total costs incurred for the internal audit function for FY2023 was RM540,835. Further details of the activities of the risk management and internal audit function are set out in the Audit Committee Report and the Statement on Risk Management and Internal Control in this Integrated Annual Report 2023. RISK MANAGEMENT & INTERNAL RISK CONTROL FRAMEWORK The Board maintains oversight on risk via its RMC. Group risks, be it financial, operational, external or strategic risks are identified and mitigated by a robust internal risk management framework. The framework is designed to identify, evaluate, control, monitor and report the principal risks encountered by the Group on a regular basis. The RMC is responsible for implementing risk management policies and strategies approved by the Board. It monitors and manages the principal risk exposures by ensuring that management has taken the necessary steps to mitigate such risks and recommends action where necessary. The RMC reports to the Board at least twice a year. The Group’s risks and mitigation measures as well as its impacts and linkages to material topics and business strategy have been provided in the Strategy section of this Integrated Annual Report 2023. Further details on the key features of the risk management framework and the RMC are given in the Statement on Risk Management and Internal Control of this Integrated Annual Report 2023. The Board is of the view that the system of internal control and risk management in place is sound and sufficient to safeguard the Group’s assets, as well as shareholders’ investments, and the interests of customers, regulators, employees and other stakeholders. RELATED PARTY TRANSACTIONS The directors recognise that they have to declare their respective interests in transactions with the Company and the Group, and abstain from deliberation and voting on the relevant resolution in respect of such transactions at the Board or at any general meetings convened to consider the matter. All related party transactions are reviewed as part of the annual internal audit plan, and the AC reviews any related party transaction and conflict of interest situation that may arise within the Group including any transaction, procedure or course of conduct that causes questions of management integrity to arise. CORPORATE GOVERNANCE OVERVIEW STATEMENT INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 114 OUR GOVERNANCE
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