MEETINGS During the financial year under review, nine (9) BAEC meetings were held. This satisfied the BAEC Terms of Reference, which requires the BAEC to meet at least four (4) times a year. The Group Chief Executive Officer (GCEO), the Group Chief Internal Auditor (GCIA), the Group Chief Compliance Officer/Group Chief Integrity & Governance Officer, the Group Chief Operating Officer, the Group Chief Human Resources Officer and the Group Chief Legal Officer & Company Secretary, who is also the Secretary to the BAEC, attends the BAEC meetings. In addition to that, the Group Chief Financial Officer and any Management representatives were invited to the meeting, where required, to present and facilitate the deliberation on any specific issues arising from the relevant reports presented. The External Auditors were also invited to the meeting to present the audited financial statements, the half-yearly unaudited financial reports, the Management Letters, the Audit Plan and other relevant matters. During the financial year 2023, the BAEC had two (2) private sessions with the auditors without the presence of the Management, i.e., on 25 January 2023 and 24 October 2023, to review the scope and adequacy of Bank Islam’s audit process, the annual financial statements and their audit findings. All BAEC members have given their full commitment to the meetings held in 2023 as indicated in their satisfactory meeting attendance record as follows: Name Meeting Attendance % Datuk Bazlan Osman Independent Non-Executive Director/Chairman 9/9 100 Nuraini Ismail Independent Non-Executive Director 9/9 100 Dato’ Professor Dr. Noor Inayah Ya’akub Independent Non-Executive Director Appointed to be a member w.e.f. 7 April 2023 7/7 100 Mohd Yuzaidi Mohd Yusoff Independent Non-Executive Director Ceased to be a member w.e.f. 7 April 2023 2/2 100 THE BAEC ACTIVITIES IN 2023 Areas of Focus Matters Considered Internal Audit ✓ Reviewed and approved the 2024 Internal Audit Plan and Budget which includes the scope, procedures and frequency as well as adequacy and competency of internal audit resources. ✓ Reviewed and deliberated on 82 Internal Audit Reports on the Head Office, Regional Offices, the branches (including limited operational review) as well as Ar-Rahnu outlets and identified critical units of Bank Islam, which amongst others focused on the effectiveness and adequacy of governance, risk management and internal controls, audit rating and recommendations. ✓ Reviewed and deliberated on 22 Internal Audit Reports on Information System Audit which assessed the adequacy of the information system controls, security including cybersecurity and the necessary back-up systems to cover for contingencies or disaster. 226 Bank Islam Malaysia Berhad ◆ Integrated Annual Report 2023 Board Audit & Examination Committee (BAEC) Report
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