The Internal Audit Function and Its Role (Cont’d) The IAD’s work for FY2024 is summarised below: • d eveloped an annual audit plan using a risk-based approach and carried out reviews in accordance with the year’s audit plan; • p rovided objective reviews of internal controls to limit risk exposure and assessed adherence to established policies and procedures; • r ecommended improvements and enhancements to the existing system of internal controls and work processes or procedures; and • c onducted subsequent follow-up work to assess the status of management-agreed action plans on recommendations raised in prior cycles of internal audit, highlighting those issues that had yet to be fully addressed by management, including specific timelines for those outstanding matters to be resolved. Cost of Internal Audit The cost of the internal audit function for the financial year under review amounted to approximately RM533,397 (2023: RM446,029). This Audit Committee Report has been approved by the Board on 24 December 2024. Sustaining Lives, Empowering Communities Governance That Inspires Confidence Financial Insights Through Numbers Empowering Ownership PG. 141
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