MKH Annual Report 2018

67 MKH Berhad Annual Report 2018 AUDIT COMMITTEE REPORT The Internal Audit Function and Its Role (Cont’d) (a) Internal Audit Work Carried Out During The Financial Year Under Review (Cont’d) (ii) Follow-Up On Internal Audit During the financial year under review, the internal audit function also performed a follow-up to assess the status of management-agreed action plans on recommendations raised in preceding cycles of internal audit. The outcome thereof was summarised in a follow-up report to the Audit Committee, highlighting those issues that had yet to be fully addressed by management, including specific timelines for those outstanding matters to be resolved. Whilst reports issued by the internal audit function for the financial year under review were tabled at Audit Committee meetings, management was present at such meetings to provide pertinent clarification or additional information to address questions raised by Audit Committee members pertaining to matters raised by the internal audit function. (b) Cost Of Internal Audit The cost of the internal audit function for the financial year under review amounted to approximately RM405,773 (2017: RM338,269). Currently, IAD comprises of three (3) auditors and all of the auditors are members of IIA Malaysia. The level of expertise and professionalism for the FYE 2018 is as follows: Expertise Category Percentage of total auditors Bachelor’s Degree 100% Post Graduate Degree (MBA) 33% Professional Qualification (CPA, CIA, ACCA, CIMA, etc.) 33% This Audit Committee Report has been approved by the Board on 28 December 2018.