72 Annual Report 2022 Audit Committee Report The Internal Audit Function and Its Role (Cont’d) Internal Audit Work Carried Out During The Financial Year Under Review (a) The internal audit function conducted its work based on an annual internal audit plan which was tabled before, and approved by, the Audit Committee. The main activities of work carried out by the internal audit function are set out below: Conduct Of Internal Audit The internal audit function adopted a risk-based approach in identifying specific areas and processes to be covered. During the financial year under review, the internal audit function focused on selected key processes of the Group’s as follows: (i) Entity Key Processes Head Office (Selection of consultants - Property Development Department) Registration, shortlisting, and selection of consultants Negotiation and decision of the fees and scope of the work Award of contract/professional fees, letter of Appointment and acceptance by consultant Consultant’s claim and payment Consultant’s performance evaluation and assessment Head Office (Customer Relationship Management) Certification of Completion & Compliance (“CCC”) and Authority Matters QLASSIC Assessment Pre-Vacant Possession (“VP”) Inspection Key Management & Joint Inspection during Handing Over of Vacant Possession (“HOVP”) with Purchasers Complaint Management – During HOVP and Subsequent Complaints Customer Survey MHW RoadRunner Application Head Office (Safety Health Environment Section - Project Management Department) Safety Audit Management Reporting on Safety Matters Compliance with Law and Regulations (Safety) Safety Framework and Policies Head Office (Project Planning and Implementation - Property Development Department) Business Planning - Feasibility Study & Budget Submission and approval of Development Order, Pre-computation, Building Plan and Infrastructure Plan Design Control and Pricing Proposal SIFUS & Strata Title Application Advertising Permit & Developer’s License (“APDL”) Head Office (Sales Administration & Credit Control Department) Issuance of Credit Notes (Discounts, Rebates and Incentives) Issuance Letter of Undertaking Progress Billing Receipt Collection Interest Charges Monitoring of Purchaser’s Aging Payment Extension Issuance of Refund Payment General IT Controls - User Access 1. Metro K.L City Sdn Bhd 2. Quantum Density Sdn Bhd 3. MKH Property Ventures Sdn Bhd Overall Project Progress, Progress Reporting and Contractor’s Performance Building Material Management Non-Compliance Report (“NCR”) and Site Memo Progress Payment to Contractor and Variation Orders Compliance to Project Quality Plan (“PQP”) and Project Safety Plan
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