Areas of Focus Matters Considered Internal Audit (continued) ✓ Reviewed and deliberated on 10 Shariah Audit Reports on compliance with the Shariah rulings. ✓ Reviewed and deliberated on seven (7) Internal Audit Reports on Credit Audit. ✓ Reviewed 16 investigation reports by Group Internal Audit which covers cases of staff negligence and potential disclosure of customers’ information. ✓ Reviewed 13 Internal Audit Reports of Bank Islam’s Subsidiaries as part of its oversight function. ✓ Reviewed the progress of rectification efforts on unresolved audit findings to ensure appropriate corrective actions were taken by the Management in a timely manner to address control weaknesses, policies and other areas identified by the Internal Auditors and other control functions. ✓ Reviewed and approved the divisional scorecard for Group Internal Audit Division for FY2023. ✓ Reviewed the performance and achievements of the Internal Audit Division for FY2022 and the first half of FY2023. ✓ Reviewed the report by Group Internal Audit Division on verification of external auditors’ non-audit services fees. ✓ Reviewed the reports by the Group Internal Audit Division on Bank Islam Malaysia Berhad Group’s related party transactions (RPT). ✓ Reviewed the report by Group Internal Audit on verification/follow-up review on findings and corrective actions by Bank Islam’s subsidiaries on outstanding issues. ✓ Reviewed the Management Audit Committee’s minutes of meeting. ✓ Reviewed and approved the proposed revision of the audit rating rules and threshold matrix. External Audit ✓ Reviewed and deliberated the external auditor’s 2023 audit plan encompassing the audit approach, the areas of audit emphasis and audit fees. ✓ Reviewed and deliberated the External Auditors reports on: (i) the audited financial statements for the financial year ended 31 December 2022, which include the key focus areas of the audit and internal controls matters, on 25 January 2023; (ii) Transparency Report which revealed how the Assurance Practice of the external auditors’ places audit quality at the center of everything it does; and (iii) limited review of the unaudited financial statements for the financial period ended 30 September 2023, on 24 October 2023. ✓ Evaluated the independence and objectivity of the external auditor by reviewing the fees and the list of non-audit services provided by the external auditor. ✓ Reviewed and recommended to the Board the re-appointment of external auditor. The BAEC’s evaluation was based on the performance, independence and suitability of the external auditors. It also covers the assessment on the external auditor’s ability in meeting Bank Islam’s requirements, business insights and ideas, service efficiency and effectiveness as well as value management. Financial Reporting ✓ Reviewed and recommended to the Board the audited financial statements for the financial year ended 31 December 2022; ✓ Reviewed the unaudited quarterly and half yearly financial results of Bank Islam and the Group; ✓ Recommended to the Board the proposed interim dividends for the financial year ended 31 December 2022 and for the nine (9) months period ended 30 September 2023 upon being satisfied with the solvency test. Related Party Transactions ✓ Reviewed related party transactions as disclosed in the financial statements. 227 1 2 3 4 5 6 7 8 9 www.bankislam.com ACCOUNTABILITY
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