✓ Prepare the Audit Plan and Budget for approval of the BAEC. The Audit Plan was developed based on assessment of the significant potential risk exposure of the auditable areas; ✓ Provide independent assessment and objective assurance on the adequacy and effectiveness of internal controls implemented to mitigate the risk exposures. Prepare audit reports consisting of observations, improvement opportunities, root-causes, management responses which include the corrective actions by the respective stakeholders, deadline for resolution and person responsible for implementation of corrective actions; ✓ Follow-up on the Management corrective actions on audit issues raised by the GIAD. Determine whether corrective actions taken have generally achieved the desired results to mitigate the risk exposures; ✓ Report to the BAEC, the final audit report highlighting the audit objectives, audit scope and risks covered, audit rating, audit findings, findings escalated for Management’s immediate action, root-causes and status of corrective actions. A total of 160 audits (against the approved audit plan of 149) were conducted for the Group in FY2023; ✓ Report to the BAEC the adequacy, reliability, integrity and compliance of: • risk management, internal controls and governance processes; • Information Technology policies and processes, stress testing procedures and practices and the back-up systems to cover for contingencies and disaster; • Regulatory reporting, accounting records, financial reports and management information; ✓ Review compliance with relevant legal, regulatory and internal policies as well as in compliance with Shariah rules and principles as determined by the SSC and Shariah Compliance policies. ✓ Conduct the first phase of Internal Quality Assessment Review (IQAR) covering the Internal Audit Governance. The GIAD was assessed as “Generally Conforms” to the Institute of Internal Auditors’ International Standards for the Professional Practices of Internal Auditing. ✓ Provide independent assessment on the effectiveness of the Business Continuity Plan/Disaster Recovery Plan to ensure resumption of business activities is not hampered. GIAD Activities in 2023 This statement is made in accordance with a resolution of the Board dated 15 April 2024. 230 Bank Islam Malaysia Berhad ◆ Integrated Annual Report 2023 Board Audit & Examination Committee (BAEC) Report
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