Yinson Annual Report 2020

178 Yinson Holdings Berhad SECTION 6 GOVERNANCE & LEADERSHIP Report on Audit Committee The internal audit activities carried out in accordance with the approved internal audit plan for FYE 2020 were in the following areas: 1. Post-implementation of IFS 2. Vendor Management 3. Investment, Strategic Finance and Treasury 4. Contract Management During the financial year under review, the Chairman of the AC highlighted the key audit issues, and recommended the decisions and resolutions made at the AC meetings for the approval of the Board. The total cost incurred for maintaining the IA Function for the year under review was approximately RM800,000. This Report on Audit Committee was made in accordance with a resolution of the Board on 28 April 2020.