Press Metal Aluminium Holdings Berhad SECTION 4 • EFFECTIVE STEWARDSHIP THROUGH GOOD GOVERNANCE 86 INTERNAL AUDIT FUNCTION Audit Committee For the current year, both the outsourced internal auditors and in-house internal auditors assisted the AC to fulfill its responsibilities by conducting internal audits in accordance with audit plans reviewed and approved by the AC. A risk-based approach is adopted via the development of IA policies, establishment of annual audit plans, audit work processes and audit work reporting. The AC reviewed the adequacy of the scope, functions, competency and resources of the IA function to ascertain its effectiveness in discharging duties assigned. The details on the IA function are further explained on pages 77 to 83 of this IAR 2024. During the year, the outsourced internal auditors conducted four (4) audits covering one (1) business function and the in-house internal auditors conducted twenty-one (21) audits covering forty-six (46) business functions. The internal auditors also conducted follow up reviews on the implementation status of action plans previously agreed by management. The results of the internal audits and recommendations for improvement co-developed with Management were tabled at the AC meetings for discussion and assessment. Key and significant issues were reported to the Board by the Chairman of the AC for further deliberation. AREAS FOR IMPROVEMENT A few weaknesses in internal control were identified during the period, all of which have been, or are being addressed. None of these weaknesses resulted in any material errors, losses, contingencies or uncertainties that would warrant a disclosure in the Group’s annual report. OTHER KEY ELEMENTS OF INTERNAL CONTROL Apart from risk management and internal audit, the other key elements of the Group’s internal control system are described below: • A management structure with job descriptions and defined lines of responsibilities is in place for all business operating units; • Six (6) of its subsidiaries have the following accreditation for their operational processes: PMB Aluminium Sdn. Bhd. • ISO 9001:2015 on Quality Management Systems • ISO 14001:2015 on Environmental Management Systems • ISO 45001:2018 on Occupational Health and Safety Management Systems Press Metal International Limited • ISO 9001:2015 on Quality Management Systems • ISO 14001:2015 on Environmental Management Systems • ISO 45001:2018 on Occupational Health and Safety Management Systems • ISO 50001:2018 on Energy Management Systems • IATF 16949:2016 on Automotive Quality Management Systems Press Metal Sarawak Sdn. Bhd. • ISO 9001:2015 on Quality Management Systems • ISO 14001:2015 on Environmental Management Systems • ISO 45001:2018 on Occupational Health and Safety Management Systems • ISO 50001:2018 on Energy Management Systems Press Metal Bintulu Sdn. Bhd. • ISO 9001:2015 on Quality Management Systems • ISO 14001:2015 on Environmental Management Systems • ISO 45001:2018 on Occupational Health and Safety Management Systems • ISO 50001:2018 on Energy Management Systems Press Metal International Technology Ltd. • ISO 9001:2015 on Quality Management Systems • ISO 14001:2015 on Environmental Management Systems • ISO 45001:2018 on Occupational Health and Safety Management Systems • IATF 16949:2016 on Automotive Quality Management Systems Press Metal Aluminium Rods Sdn. Bhd. • ISO 9001:2015 on Quality Management Systems • ISO 14001:2015 on Environmental Management Systems • ISO 45001:2018 on Occupational Health and Safety Management Systems Statement on Risk Management and Internal Control
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