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Corporate GovernanCe
(c) Internal Audit:
⊲
Reviewed and approved the annual Internal
Audit Plan for FYE2018 as proposed by GIA, to
ensure the adequacy of resources, coverage
and inclusion of risk areas in the scope of
review.
⊲
Reviewed and deliberated on audit reports,
follow-up reports, audit recommendations and
management responses, prepared by the GIA
at Audit Committee’s quarterly meetings.
⊲
Reviewed the corrective actions taken by
management in addressing and resolving
issues as well as ensuring that all issues were
adequately addressed on a timely basis.
⊲
Reviewed the nature and extent of the
non-audit activities performed by GIA.
⊲
Reviewed the structure of GIA and adequacy
of its resources and budget.
⊲
Reviewed the Audit Committee Report and
Statement on Risk Management and Internal
Control and recommended to the Board for
approval prior to the inclusion of the same in
the Company’s Annual Report.
⊲
Assessed the effectiveness of the internal
auditors via a detailed questionnaires
completed by each Audit Committee member.
The evaluation encompassed an assessment
of the qualifications and performance of the
internal auditors, the size and strength of
internal audit team, the quality of the internal
audit plan and audit reports and the auditor’s
communications with the Audit Committee
and the Company, and the internal auditors’
independence, objectivity and professional
skepticism.
⊲
Reviewed the results of the annual assessment
of the effectiveness of the internal auditors
to ensure it has the required expertise and
professionalism to discharge its duties.
⊲
Reviewed and deliberated the Quality
Assessment Review (“QAR”) of GIA presented
by the Institute of Internal Auditors Malaysia
(“IIAM”).
(d) Recurrent Related Party Transactions (“RRPT”):
⊲
Reviewed the RRPT entered into the Company
with related parties in accordance with the
shareholders’ mandate obtained to ensure
that they are at arm’s length and within the
mandated amount and other RRPT that are
outside the shareholders’ mandate.
⊲
Reviewed and recommended to the Board
the Circular to Shareholders relating to the
renewal of shareholders’ mandate for existing
RRPT of a revenue or trading nature.
(e) Risk Management and Internal Control:
⊲
The quality and effectiveness of the Group’s
internal control through the consideration
of the GIA reports embracing all material
systems including financial, operational and
compliance controls to ensure that they
remain robust. Where areas of improvements
are identified, remedial actions are taken and
progress monitored.
4.2 During the FYE2018, the Audit Committee members
attended various training programs to keep them
abreast of new development pertaining to legislation,
regulations, current commercial issues and risks in
order to effectively discharge their duties. Details
of training programs attended by Audit Committee
members are set out in the Corporate Governance
Overview Statement section of this Annual Report.
Audit Committee Report