161 GOVERNANCE AUDIT COMMITTEE REPORT (cont’d) SUMMARY OF ACTIVITIES UNDERTAKEN BY THE AC (CONT’D) Internal Audit 5IF "VEJU $PNNJUUFF NBJOUBJOFE SJHPSPVT PWFSTJHIU PG UIF (SPVQ T JOUFSOBM BVEJU GVODUJPO UISPVHIPVU ': FOTVSJOH its effectiveness as a key component of the governance framework. The Committee systematically reviewed all internal BVEJU SFQPSUT QBZJOH QBSUJDVMBS BUUFOUJPO UP JEFOUJàFE DPOUSPM XFBLOFTTFT BOE UIF DPSSFTQPOEJOH DPSSFDUJWF BDUJPO QMBOT EFWFMPQFE CZ NBOBHFNFOU 5ISPVHI UIJT QSPDFTT UIF "$ WFSJàFE UIBU BMM SFDPNNFOEBUJPOT XFSF BQQSPQSJBUFMZ QSJPSJUJ[FE BOE BTTJHOFE SFBMJTUJD JNQMFNFOUBUJPO UJNFMJOFT XIJMF NPOJUPSJOH QSPHSFTT UISPVHI SFHVMBS GPMMPX VQ SFWJFXT to ensure timely resolution of control deficiencies. *O JUT PWFSTJHIU SPMF UIF "$ DPOEVDUFE B DPNQSFIFOTJWF FWBMVBUJPO PG UIF BOOVBM JOUFSOBM BVEJU QMBO QSFQBSFE CZ UIF outsourced internal audit provider. The Committee assessed whether the proposed audit universe adequately covered BMM NBUFSJBM CVTJOFTT VOJUT GVODUJPOT BOE SJTL BSFBT XJUI TQFDJBM FNQIBTJT PO IJHI SJTL PQFSBUJPOT BOE LFZ DPOUSPM processes. The AC ensured the plan incorporated a risk-based methodology aligned with the Group’s enterprise risk NBOBHFNFOU GSBNFXPSL XIJMF NBJOUBJOJOH TVGàDJFOU áFYJCJMJUZ UP BEESFTT FNFSHJOH SJTLT 5IJT UIPSPVHI SFWJFX QSPDFTT guaranteed that audit resources were optimally allocated to areas of greatest significance to the Group’s control environment. The Committee performed an annual assessment of the effectiveness and independence of the outsourced internal audit function. This evaluation considered multiple dimensions including: r 5IF BEFRVBDZ PG TUBGàOH MFWFMT BOE UFDIOJDBM DPNQFUFODJFT r "EIFSFODF UP UIF *OUFSOBUJPOBM 4UBOEBSET GPS UIF 1SPGFTTJPOBM 1SBDUJDF PG *OUFSOBM "VEJUJOH r 5IF RVBMJUZ BOE EFQUI PG BVEJU XPSL QFSGPSNFE r 5IF GVODUJPO T PSHBOJ[BUJPOBM JOEFQFOEFODF BOE SFQPSUJOH MJOFT r 5IF JNQMFNFOUBUJPO TUBUVT PG QSJPS BVEJU SFDPNNFOEBUJPOT 5ISPVHI JUT BDUJWF FOHBHFNFOU XJUI CPUI JOUFSOBM BVEJUPST BOE TFOJPS NBOBHFNFOU UIF "$ FOTVSFE UIF JOUFSOBM BVEJU function maintained its objectivity while providing valuable assurance over the effectiveness of risk management and internal control systems. The Committee’s oversight contributed significantly to the continuous enhancement of the Group’s control environment and governance practices. Related Party Transactions The AC reviewed related party transactions entered into by the Group every quarter to ensure that the transactions FOUFSFE JOUP XFSF PO BSN T MFOHUI CBTJT BOE OPSNBM DPNNFSDJBM UFSNT BOE UP TBGFHVBSE UIF JOUFSFTU PG NJOPSJUZ TIBSFIPMEFST 5ISPVHI UIPSPVHI FYBNJOBUJPO BOE DMBSJàDBUJPO UIF "$ FOTVSFE UIBU UIFTF USBOTBDUJPOT XFSF DPOEVDUFE in accordance with regulatory requirements and corporate governance standards. This proactive oversight served to mitigate potential conflicts of interest and promote transparency and fairness in the Group’s dealings with related parties. Conflict of Interest *O SFTQPOTF UP UIF BNFOEFE .BJO .BSLFU -JTUJOH 3FRVJSFNFOUT FGGFDUJWF +VMZ UIF "$ IBT BTTVNFE BO FYQBOEFE HPWFSOBODF SPMF JO UIF TZTUFNBUJD JEFOUJàDBUJPO SFWJFX BOE NJUJHBUJPO PG DPOáJDUT PG JOUFSFTU JOWPMWJOH ,FZ 1FSTPOT XJUIJO UIF (SPVQ 5IJT FOIBODFE NBOEBUF FODPNQBTTFT BMM EJSFDUPST LFZ TFOJPS NBOBHFNFOU QFSTPOOFM BOE MFHBM SFQSFTFOUBUJWFT FOTVSJOH DPNQSFIFOTJWF PWFSTJHIU PG QPUFOUJBM DPOáJDUT BDSPTT UIF PSHBOJ[BUJPO The AC took proactive measures to strengthen the Group’s governance framework by: r %FWFMPQFE BOE JNQMFNFOUFE BO FOIBODFE $POáJDU PG *OUFSFTU 1PMJDZ #PBSE BQQSPWFE PO 'FCSVBSZ r &TUBCMJTIFE RVBSUFSMZ EJTDMPTVSF BOE SFWJFX QSPDFEVSFT r 4ZTUFNBUJDBMMZ FWBMVBUFT BMM EJTDMPTFE DPOáJDUT r *NQMFNFOUT BQQSPQSJBUF NJUJHBUJPO NFBTVSFT r 3FQPSUT NBUFSJBM JTTVFT UP UIF #PBSE This structured approach ensures compliance with regulatory requirements while safeguarding the Group’s governance integrity.
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