This included the conduct of the following audits: a)Project Implementation and Management; b)Marketing and Sales; c) Sales and Credit Administration; d)Data Access, Data Management and Cybersecurity; e)Engagement of local and international marketing agents f) Resort Management: Security Department; g)Resort Management: Golf Department; h)Resort Management: Golf Course Maintenance Department; During FY2024, internal audit reports which incorporate key control issues, significant risks, recommendations to improve on matters raised during the course of the audits and managements comments and remedial actions were issued and tabled to the Audit Committee. None of the audit findings have resulted in any material losses, contingencies or uncertainties that would require disclosure in the Company’s Annual Report. • Prepared the annual audit plan for deliberation and approval by the Audit Committee. • Performed follow up procedures on the implementation of agreed upon action plans to ensure that necessary actions have been taken/ are being taken as recommended. • Reviewed recurring related party transactions on a quarterly basis on the adequacy, appropriateness and compliance of existing established procedures on monitoring of recurrent related party transactions. • Reviewed on ad-hoc basis, areas where there were concerns that affected financial reporting, internal controls and governance. In an effort to provide value added services, GIA also provided additional assurance and advisory services upon request by Management in relation to compliance, governance, risk management and internal controls. GIA is adequately resourced with a total of 6 internal auditors. All internal auditors possess relevant experience and professional qualifications and are members of professional bodies, including The Institute of Internal Auditors Malaysia, the Malaysian Institute of Accountants, or the Association of Chartered Certified Accountants. In order to perform their functions effectively, the internal auditors are encouraged to continuously enhance their knowledge, skills and competencies through relevant professional courses, seminars, training courses and on-the-job-training. None of the internal audit personnel has any relationships or conflict of interest that could impair their objectivity and independence in conducting their internal audit functions. The operational costs incurred by GIA for the financial year 2024 amounted RM 783,956 (2023: RM844,025). The Audit Committee Report is made in accordance with a resolution of the Board dated 28 April 2025. 218 ANNUAL REPORT 2024
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