Press Metal Aluminium Holdings Berhad SECTION 4 • EFFECTIVE STEWARDSHIP THROUGH GOOD GOVERNANCE 80 Audit Committee Report SUMMARY OF THE ACTIVITIES OF AC (CONT’D) (2) External Audit (cont’d) (f) The non-audit services provided/ to be provided by the external auditors and their affiliates to the Group have been monitored and approved by the AC. The AC having considered the nature, scope and quantum of non-audit fees, was satisfied that there was no conflict of interest and the non-audit services would not impair the independence and objectivity of the external auditors. The details of the audit and non-audit services rendered by the external auditors and their affiliates for FYE2024 are disclosed in the Additional Compliance Information section of this Integrated Annual Report. The AC reviewed and subsequently the Board approved the Non-Assurance Pre-Approval (“NAS”) which sets forth procedures and conditions whereby permissible NAS provided by KPMG PLT will be pre-approved for the Company and its subsidiaries. (g) At the meeting held on 26 February 2025, the AC reviewed and discussed with the External Auditors the status of the audit for the FYE2024 including the issues arising from their audit of the annual financial statements and their resolution of such issues as highlighted in their report to the AC. (h) Reviewed and assessed audit focus areas on hedge effectiveness of commodity and foreign exchange hedges conducted by the External Auditor. (i) Reviewed and assessed the disclosure of Hedging Reserve with the assistance of KPMG PLT and KPMG Risk Consulting Sdn Bhd. (3) Internal Audit (both in-house and outsourced) (a) At the meeting held on 23 February 2024, the AC reviewed the adequacy of the scope, functions, competency and resources of the IA function to ensure its effectiveness and efficiency. (b) Overseen the development of the Internal Audit System which includes the digital transformation of in-house IA processes. (c) Reviewed and approved the Internal Audit Plan for 2024 to ensure adequate scope and comprehensive coverage over the activities of the Company and the Group, sufficient resources requirements as well as budget of in-house Internal Audit Department to carry out its functions. (d) Reviewed and discussed the findings on the IA reports which were tabled during the year, the audit recommendations made as well as the Management’s response to these recommendations and the implementation of the agreed action plan on a quarterly basis. (e) Reviewed the progress updates on the follow-up audit review of the previous IA reports and monitored the implementation of mitigating actions taken by Management on outstanding issues to ensure all key risks and control weaknesses are properly addressed. (f) Met with the outsourced Internal Auditors and in-house Internal Auditors on 23 February 2024 and 23 August 2024 respectively, all of which without the presence of any executive Board members and the Management for discussion on IA related matters. (g) The AC received quarterly updates on whistleblowing from the Internal Auditor who acts as one of the authorised personnel to maintain and monitor the whistleblowing channel. In FYE2024, the Company did not receive any whistleblowing report. (h) Reviewed the adequacy of staff resources, trainings and access to information for the in-house Internal Auditors to ensure audit work was carried out effectively. (i) The AC evaluated the performance of both the outsourced and inhouse Internal Auditors based on the areas of: (i) understanding; (ii) team resources, skills, experience and performance; (iii) communications; and (iv) overall delivery. The overall performance of both the Internal Auditors has met the AC’s expectations.
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