The Internal Audit Function and Its Role (Cont’d) (a) Internal Audit Work Carried Out During The Financial Year Under Review (Cont’d) (i) Conduct Of Internal Audit (Cont’d) B ased on the internal audit reviews carried out, the findings of the internal audit, including the recommendations to address areas of control deficiencies as well as opportunities for improvements, were discussed with Senior Management and subsequently presented to the Audit Committee. (ii) Follow-Up On Internal Audit D uring 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. W hilst 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 RM446,029 (FY2022: RM448,266). This Audit Committee Report has been approved by the Board on 22 December 2023. AUDIT COMMITTEE REPORT MKH BERHAD | ANNUAL REPORT 2023 111
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