Datasonic Group Berhad Annual Report 2020

DATASONIC GROUP BERHAD I ANNUAL REPORT 2020 (Registration No. 200801008472 (809759-X)) 74 A. SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE FOR THE FINANCIAL YEAR ENDED 31 MARCH 2020 (cont’d) 3. Internal Auditors (Cont’d) b. Reviewed the performance, progress and activities of the IAD on quarterly basis which covered the following aspects:- i. The status of completion of planned audit assignments and other compliance work as per the approved Audit Planning Memorandum; ii. Modifications to the approved Audit Planning Memorandum, if any, to cater for ad-hoc audit assignments requested by the Management/Executive Committee and/or Audit Committee/ Board or as a result of consequential changes in the business operations and corporate development of the Group; iii. Adequacy of resources, skills and competencies in regard to the Internal Audit professionals. For skills and competencies, the Audit Committee also reviewed the applicable training and development programme attended by IAD personnel as well as the continuing education programme of relevance to ensure that the IAD developed a mixture of skilled and competent auditors in the IAD; iv. Significant matters/issues/challenges faced by IAD in the conduct of audit work evaluated and dealt with effectively by Management; and v. The man hours and costs incurred by IAD in discharging its roles and responsibilities within accepted parameters. c. Reviewed the progress of the implementation of the corrective action plans committed by the Management for all key audit findings and recommendations highlighted in the previous Internal Audit Reports. In respect of long-outstanding audit findings of significance, the Audit Committee followed the practice of instructing IAD to formally communicate with the auditees in expressing the Audit Committee concerns with requests for timely resolution of the outstanding audit issues. d. Reviewed and approved the Audit Planning Memorandum of the IAD for the working period from July 2020 to May 2021 in respect of the financial year ending 31 March 2021 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 the financial year ending 31 March 2021 covered the following areas:- i. Finance and Accounting ii. Human Capital Development iii. Fixed Assets Management iv. Project Management v. Regional Personalisation Services vi. Production Operations vii. Security and Safety Audit Committee Report (Cont’d)