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Annual Report 2015
INTERNAL AUDIT FUNCTION
The internal audit function is led by the Chief Internal Auditor who reports directly to the Audit Committee
in accordance with Paragraph 15.27 of the MMLR of Bursa Malaysia. The main objective of the Internal
Audit function is to assist the Board and Management in discharging their responsibilities by providing
an independent assurance on the adequacy and effectiveness of the systems of internal control, risk
management and corporate governance processes of the Group.
The purpose, authority and responsibility as well as scope of work of the internal audit function are articulated
in the Internal Audit Charter. Specifically, the key responsibilities of Internal Audit Department include the
following:-
a) Developing an annual risk-based audit plan to be submitted to the Audit Committee for approval.
b) Executing the approved audit plan using a risk-based methodology, as well as any special tasks or
projects initiated by the Board, Audit Committee and Senior Management.
c) Issuing periodic audit reports with detailed findings, recommendations and corrective actions
committed by the Management to the Audit Committee for review and approval.
d) Reporting on a timely basis to the Audit Committee any suspected fraud with appropriate details.
e) Undertaking investigation work as instructed and presenting the results to the Audit Committee.
During the financial year under review, the Internal Audit Department has undertaken six (6) internal audit
assignments in accordance with the Audit Planning Memorandum for the financial period ended 31 March
2015 which have been approved by the Audit Committee.
The total cost incurred by the internal audit function for the working period up to May 2015 is approximately
RM290,000.
This Report is made in accordance with the resolution of the Board of Directors passed on 29 May 2015.
AUDIT COMMITTEE REPORT
(Cont’d)
