SECTION 3: OUR GOVERNANCE 130 PRINCIPLE B EFFECTIVE AUDIT AND RISK MANAGEMENT CORPORATE GOVERNANCE OVERVIEW STATEMENT Relationship with the External Auditor The Group strictly adheres to the ARMC Terms of Reference that establishes a transparent and effective framework for the association with the external auditor. This encompasses key elements to ensure a robust audit process. Appointment and re-appointment procedures are clearly defined, outlining the rigorous selection and re-appointment processes for the external auditor. The Group follows a structured approach to assess the effectiveness of the external auditor, ensuring that the audit function operates efficiently. Independence assessment measures are in place to evaluate and maintain the independence of the external auditor. The Group has placed emphasis on thoroughness in the audit process to enhance the quality of reporting. Procedures are in place to regulate the engagement of the External Auditor for non-audit services, ensuring a clear delineation of responsibilities. Fees Paid and Payable to the External Auditor The fees paid/payable to external auditors of the Group in the financial year ended 31 December 2023 are disclosed under Additional Compliance Information on pages 137 to 138. Group Internal Audit The Group outsourced its internal audit function to Sterling Business Alignment Consulting Sdn. Bhd. (“Sterling“), who operates independently and reports functionally and directly to the ARMC while maintaining administrative accountability to the Group CEO. Sterling adheres to the Group’s internal audit charter, aligned with the Institute of Internal Auditors’ International Professional Practices Framework. Prior to Sterling’s appointment as the Group’s internal auditor, the ARMC has reviewed its company profile and key personnel’s qualifications and competencies to determine their suitability for the appointment. The qualifications of lead auditor from Sterling and Sterling's resources are disclosed in the CG Report 2023. Sterling’s performance is also reviewed annually and the outcome of such reviews will form the basis for whether the Group reappoints them or appoints another internal auditing firm. The fees payable to Sterling for work done during the financial year ended 31 December 2023 is RM20,000. This is for the field audit works for the internal audit on the finance and accounting functions of MST Golf Sdn. Bhd. and MST Golf (Singapore) Pte. Ltd. Performance Review The Board has conducted a comprehensive evaluation of the ARMC’s performance on annual basis. This evaluation encompasses an assessment of the extent to which the ARMC adheres to its terms of reference, including considerations related to the term of office and the performance of both the ARMC as a whole and each of its members. It is important to note that this performance assessment was an integral component of the annual BEA, focusing on the evaluation of the Board, its members and the various Board Committees.
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