Integrated Annual Report 2024 SECTION 4 • EFFECTIVE STEWARDSHIP THROUGH GOOD GOVERNANCE 83 Audit Committee Report INTERNAL AUDIT FUNCTION (CONT’D) Name of entity Auditable areas PMB Aluminium Sdn. Bhd. (Johor Bahru branch) • Sales and Marketing Management • Human Resource Management • Inventory Management PMB Aluminium Sdn. Bhd. (Nilai) • Sales and Marketing Management • Procurement Management • Inventory Management • Tooling Management • Extrusion Management • Finishing, Fabrication, and Packaging Management • Quality Assurance & Quality Control Management • Production Material Control Management Press Metal International Limited • Die Management • Sales and Marketing Management • Quality Control Management • Cast House Management • Product Material Control Management Press Metal International Technology Ltd. • Sales and Marketing Management • Production Management • Maintenance Management • Health & Safety Management • Environmental Management Press Metal Aluminium Australia Pty. Ltd. • Sales Management • Inventory Management • Accounting and Finance Management • Human Resource Management The IA function evaluated the adequacy and effectiveness of key controls in response to risks within the Group’s governance, operations and information systems. The areas evaluated included the following: • Relevancy, reliability, integrity, accuracy, completeness and timeliness of financial and operational information of the Group; • Adequacy of controls to safeguard the Group’s assets; • Adequacy and effectiveness of the Group’s system of internal controls; • Compliance with policies, procedures, rules, regulations, guidelines, directives and laws by the Group; • Integrity of risks measurement, adequacy of control and reporting systems and compliance with approved risk management policies and procedures; • Nature of the RPTs, conflict of interest and potential conflict of interest situation that could raise questions of management integrity; • Adequacy and effectiveness of the Group’s system in assessing its capital in relation to its estimate of risks; and • Effectiveness of Information System (“IS”) in supporting the business activities and the adequacy of controls over IS management, systems development and programming, computer operations and security and data integrity. The IA function worked collaboratively with the Enterprise Risk Management function to review and assess the adequacy and effectiveness of the risk management processes within the Press Metal Group. Findings from the IA reviews, including the recommended corrective actions, were discussed with the Management and the relevant head of departments prior to being presented to AC at their scheduled meetings on a quarterly basis. During the year under review, the in-house Internal Auditors also conducted follow-up reviews of audit findings to ensure that corrective actions have been implemented in a timely manner. The Internal Audit Manager is supported by ten (10) internal auditors across the Group, all of whom are university graduates and/or members of professional certified bodies. To enhance responsiveness and flexibility in resources allocation, some of the internal auditors are strategically based in China and Malaysia. The total cost incurred for the IA function of the Group for the FYE2024 was RM1,370,000,000 (FYE2023: RM1,339,000,000).
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