Serba Dinamik Annual Report 2018

162 ANNUAL REPORT 2018 SERBA DINAMIK HOLDINGS BERHAD • Any changes in or implementation of major accounting policy changes; • Major judgmental areas, significant and unusual events; • Significant adjustments resulting from audit; • The going concern assumption; and • Compliance with accounting standards and other legal requirements. b. Risk Management ARC reviewed the Group Risk Register on a quarterly basis and also deliberated risk exposures and the mitigation plans required. c. Internal Audit • Reviewed and approved Annual Internal Audit Planning Memorandum to ensure adequate scope and comprehensive coverage of the Group’s activities; • Reviewed internal audit program and results of the internal audit process and, where necessary, ensure that appropriate actions are taken on the recommendations of the Group Internal Audit (“GIA”) Function; and • Consider the major findings of internal audit and management’s responses, monitor the implementation of any recommendations made therein and ensure effective coordination between the internal and external auditors. d. External Audit • Reviewed External Auditor terms of engagement, nature and scope of work for financial year 2018; • Reviewed and approved on the audit fees for the External Auditor; and • Reviewed the findings from External Auditor Report especially the audited financial statement and ensured appropriate action taken by the Management on issues raised by the External Auditor; and • Met the External Auditor without the presence of Management to obtain feedback from them and to discuss measures that may enhance external audit exercise of the Group. Internal Audit Function In Financial Year 2018, the Group has engaged SALIHIN, as Outsourced Internal Auditor to undertake a Risk Based Internal Audit, as per the approved Internal Audit Planning Memorandum by ARC. The Charter of Internal Audit Function is accessible to the public, which defined the roles & responsibilities of the GIA. The total cost incurred by the internal Audit Function in discharging its functions and responsibilities for the working period set for financial year ended 31 December 2018 was approximately RM150,141. A U D I T & R I S K C O MM I T E E R E P O R T