ANNUAL REPORT 2025 99 GOVERNANCE THE PROCESS OF THE AUDIT COMMITTEE (CONT’D) A. SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 (CONT’D) 3. Internal Auditors (Cont’d) c. Reviewed the progress and successful implementation of the corrective action plans committed by the Management for all key audit observations and recommendations highlighted in previous Internal Audit Reports. In respect of long-outstanding audit observations of significance, the Audit Committee followed the practice of instructing CAD to formally communicate with the auditees in expressing the Audit Committee concerns with requests for timely resolution of the outstanding audit issues. d. Reviewed and approved the Annual Internal Audit Plan of the CAD for the working period from June 2024 to May 2025 in respect of the financial year ending 31 March 2025 with emphasis on the audit scopes of work, audit activities and planned of work, adequacy of resources and sufficiency of coverage of auditable areas selected in accordance with the risk-based audit approach. The identified key audit assignments planned for FY2024/2025 areas covered the following areas: i. Human Capital ii. Project Management iii. e-Perolehan iv. Strategic Communication v. Finance vi. Meru Plant Operations 4. Corporate Governance and Compliance a. Reviewed and published the annual report of the Company which encompasses all relevant disclosure statements of corporate governance as well as required documentations as set out in Part A of Appendix 9C of the MMLR. b. Reviewed with the assistance of the CAD on a quarterly basis to determine instances of any related party transaction for compliance with Bursa Listing Requirements and the internal procedures in place. c. Discussed and noted the updates of new standards/regulatory requirements issued by the regulatory, statutory and professional bodies and relevant business news articles published by the mass media considered to be of interests to Audit Committee/Board members. d. Reviewed the implementation status of anti-corruption anti-bribery exercise carried out by the Group to adopt the Ministerial Guidelines on Adequate Procedures to comply with the requirements set out under Section 17A of the MACC Act. Audit Committee Report (Cont’d)
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