B. EFFECTIVE AUDIT AND RISK MANAGEMENT (CONT’D) II. Risk Management and Internal Control Framework (cont’d) To implement an internal audit function, the Group has outsourced the internal audit function as it is the most cost effective means. The independent third-party service provider of the internal audit services for the FY2023 was Vaersa Advisory Sdn. Bhd. (“Vaersa”), which reported directly to the AC as specified in the Terms of Reference of the AC. The internal auditors carry out their functions in accordance with the annual Internal Audit Plan which has been approved by the AC. Vaersa has approximately three (3) audit personnel assisting the person responsible for the internal audit. Details on the person responsible for the internal audit are as set out below: Name : Ramnath R Sundaram Qualification : Associate of Chartered Certified Accountant Independence : Does not have any family relationship with any Director and/or major shareholder of the Company Public Sanction or penalty : Has no convictions for any offences within the past 5 years, other than traffic offences, if any and has not been imposed any public sanction or penalty by the relevant regulatory bodies during the financial year. Further information can be found in the Risk Management and Internal Control Statement from page 154 to page 156 and the Management Discussion and Analysis from page 19 to page 28 of this IAR2023. C. INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH STAKEHOLDERS I. Communication with stakeholders The Board recognises that communication with stakeholders is an essential aspect of the Group’s sustainability. In view thereof, stakeholders are informed of all material business events and risks of the Group in a factual, timely and widely available manner. The Board has formalised a Corporate Disclosure Policy and Procedure not only to comply with the disclosure requirements stipulated in the MMLR of Bursa Securities, but also to establish the persons authorised and responsible to approve and disclose material information to all stakeholders. The Board acknowledges the importance of fostering effective two-way communication with investors and analysts to provide a greater understanding of the Group’s vision, strategies, developments and financial prospects. A variety of engagement initiatives including direct meetings and dialogues with stakeholders are continually conducted to enhance mutual understanding. The Group promptly disseminate its financial performance, major corporate developments and other relevant information to shareholders and investors through announcements of its quarterly results, annual report, corporate announcements to Bursa Securities and press conferences. It is the Group’s practice to ensure that any material information for public announcement, including annual, quarterly financial statements, press releases, and presentation to investors, analysts and media are factual and reviewed internally before issuance to ensure accuracy and is expressed in a clear and objective manner. The Group’s corporate website includes a dedicated Investor Relations section that provides all relevant information on the Group, including announcements to Bursa Securities, share price information as well as the corporate and governance structure of the Group. Stakeholders are also able to subscribe to e-mail alerts from the Group via the Investor Relations page. CORPORATE GOVERNANCE STATEMENT (cont’d) 148 MY E.G. SERVICES BERHAD Registration No. 200001003034 (505639-K) EFFECTIVE AUDIT AND RISK MANAGEMENT
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