Yinson Annual Report 2021

177 ANNUAL REPORT 2021 IAD is staffed by two audit executives, including the Head of IAD, while the co-sourced team from EY comprises two to three persons for each visit conducted with IAD. The IAD is led by Head of IAD, Liew Ching Hin, who joined Yinson in 2006 and was appointed as Head of IAD on 3 January 2013. He graduated from University of Adelaide (Australia) with a Bachelor of Finance in 2000 and is an associate member of IIAM. He has 18 years of experience in the field of internal audit. (Note: Liew Ching Hin resigned from the IA function effective from 1 January 2021 and the Management will continue the outsourcing of IA function with EY) IAD staff were provided with relevant training to keep them abreast with the developments in the profession, relevant industry and regulations. The training courses attended by IAD staff in FYE 2021 included training provided by IIAM, CPA and in-house workshops. The IA function performs in accordance with the principles of the International Professional Practice Framework on internal auditing covering the conduct of the audit planning, execution, documentations, communication of findings and consultation with key stakeholders on audit concerns. The IA function carried out audits according to the internal audit plan which had been approved by the AC. Internal audits were carried out to provide assurance that internal controls are established and operating as intended to achieve effective and efficient operations while adhering to applicable policies, guidelines and procedures. IA function conducted independent reviews and risk exposure evaluations relating to the operations and management information system. In performing such reviews, recommendations for improvements and enhancements to the existing internal control system and work processes were made. The Head of IAD and/ or EY co-sourced team attended all AC meetings in FYE 2021 while the internal audit reports, incorporating audit recommendations and management’s responses, were issued to the AC and the management of the respective operations. The Management is responsible for ensuring that corrective actions are taken within the required timeframe and all findings identified by IA function were tracked and followed up on a quarterly basis with the status of the implementation reported to the AC accordingly. The internal audit activities carried out in accordance with the approved internal audit plan for FYE 2021 were in the following areas: 1. Ghana and Nigeria country-level operations. 2. Human Resource management. 3. Miri office and FPSO Helang operations. 4. Brazil and Netherlands (country office set up) and business resilience. In FYE 2021, the Chairman of the AC highlighted the key audit issues, and recommended the decision 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 the approval of the Board on 28 April 2021. REPORT ON AUDIT COMMITTEE