MKH Annual Report 2020

CORPORATE GOVERNANCE 70 ANNUAL REPORT 2020 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 RM394,450 (2019: RM462,043). This Audit Committee Report has been approved by the Board on 30 December 2020.