The Internal Audit Function and Its Role (Cont’d) (a) Internal Audit Work Carried Out During The Financial Year Under Review 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: (i) Conduct Of Internal Audit T he 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: Entity Key Processes Head Office (Quality Assurance and Quality Control (“QAQC”) and Design Management (“DM”)) • Site Audit – In Progress and Completed Units • QAQC Memo & Non-Compliances during Site Inspection • Pre-QLASSIC Assessment & QLASSIC Assessment by CIDB • Mock-Up Unit Audit by QAQC • System Monitoring • Design Management 1. Quantum Density Sdn. Bhd. - TR 2 Residence 2. Daksina Harta Sdn. Bhd. - Jernih Residence • Overall Project Progress, Progress Reporting and Contractor’s Performance • Building Materials Management • Non-Compliance Report (“NCR”) and Site Memo • Progress Payment to Contractors and Variation Orders • Compliance to Project Quality Plan (“PQP”) • Compliance to Project Safety Plan (“PSP”) • Handing Over by Piling Contractor to the Main Building Works Contractor and Incomplete Works MKH Development Sdn. Bhd. • Overall Project Progress, Progress Reporting and Contractor’s Performance • Building Materials Management • NCR and Site Memo • Progress Payment to Contractors and Variation Orders • Compliance to PQP and PSP • Handing Over by Piling Contractor to the Main Building Works Contractor and Incomplete Works • Permanent Solution Works on the Stabilization Works required by IKRAM & JPS AUDIT COMMITTEE REPORT MKH BERHAD | ANNUAL REPORT 2023 109
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