68 Annual Report 2021 Audit Committee Report Summary of Work of the Audit Committee (Cont’d) The Audit Committee having reviewed the extent of assistance rendered by management in the course of the audit and based on feedback from the external auditors was satisfied that management had co-operated fully and the external auditors were able to obtain information requested to carry out their work. Based on the review carried out and the report from the external auditors, the Audit Committee recommended the audited financial statements for the FY 2021 to the Board of Directors for approval on 29 December 2021. The Audit Committee was satisfied with the conduct of external auditors professional work and the timeliness of completion of their works to meet reporting deadline. Accordingly, the Audit Committee recommended the re-appointment of the external auditors, Deloitte PLT at the forthcoming Annual General Meeting. Training During the year, all the Audit Committee have attended various seminars, training programmes and conferences. The list of trainings attended is disclosed on the Corporate Governance Overview Statement at page 57 of the Annual Report. The Internal Audit Function and Its Role The Company has set-up an in-house Internal Audit Department (IAD) effective 1 October 2016. The IAD comprises five (5) staff members, led by Mr. Kannan a/l Sevakrishnavelu, an Associate Member of the Institute of Internal Auditors Malaysia (“IIA Malaysia”) who has over 15 years of experience in internal audit. IAD report directly to the Audit Committee and is guided by its Internal Audit Charter. The IAD adopts the International Standards for the Professional Practice of Internal Auditing as well as established internal auditing guidelines to enhance its competency and proficiency. The principal role of the internal audit function is to undertake, on a prioritised approach, an independent and systematic assessment of the Group’s system of risk management and internal controls as established by management in addressing the principal business risks faced by the Group. In conducting internal audit of the Group, the internal audit function deployed professional standards promulgated by the IIA Malaysia. During the financial year under review, weaknesses noted in the said system and areas that required improvement, including the recommendations thereof and action plans agreed to be deployed by management to address the issues raised, were highlighted by the internal audit function by way of internal audit reports issued to the Audit Committee.
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