Annual Report 2023 97 A. SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE FOR THE FINANCIAL YEAR ENDED 31 March 2023 (CONT’D) 3. Internal Auditors (Cont’d) d. Reviewed and approved the Audit Planning Memorandum of the IAD for the working period from June 2023 to May 2024 in respect of the financial year ending 31 March 2024 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 FY2023/2024 areas covered the following areas: i. Project Management ii. Plants’ Production Operations iii. Personalisation Operations and Security iv. Sales and Marketing v. Business Development vi. Corporate Governance vii. IT General Control viii. Human Capital 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 IAD 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. B. INTERNAL AUDIT FUNCTION The IAD is headed by Encik Norirman Bin Nordin who is a Certified Internal Auditor (CIA) and a member of Institute of Internal Auditors Malaysia (IIAM). In compliance with paragraph 15.27 of Bursa Listing Requirements, the IAD function reports directly and functionally to the Audit Committee on the adequacy and effectiveness of the internal control systems. The purpose, authority and responsibility as well as the scopes of work of the Internal Audit Function are outlined in the approved Internal Audit Charter. To ensure that the responsibilities of IAD are fully discharged in accordance with the applicable professional standards and its approved charter, the Audit Committee reviews the adequacy of the scopes and resources of the IAD function as well as the competency and experience of the IAD personnel. The activities of the IAD for the financial year ended 31 March 2023 were carried out in accordance with the Audit Planning Memorandum which has been approved by the Audit Committee. The audit reviews performed covered the business operations units and support services departments focusing on the adequacy and effectiveness of internal controls, compliance with applicable requirements, obligations and regulations, reliability and integrity of financial information as well as adequacy of safeguarding of assets. In order to determine the significant auditees and related auditable areas for the planned audit assignments, IAD had applied a risk-based audit approach in which all possible risk factors identified and compiled were assessed using high-level likelihood and consequence rating assessment and populated into the Likelihood and Consequence Matrix. AUDIT COMMITTEE REPORT
RkJQdWJsaXNoZXIy NDgzMzc=