SUMMARY OF ACTIVITIES DURING THE FY2023 (Cont’d) External Audit: (Cont’d) d. Reviewed and discussed with the External Auditors the issues highlighted in the management letter as well as the response from the Management and ensured necessary corrective actions had been taken by the Management. The ARC also considered the External Auditors’ suggestions on improving the accounting procedures and internal control measures. e. Reviewed and approved the non-audit fees for services rendered by the External Auditors to ensure they are in line with the Group Policy Statement on Auditor Independence. During FY2023, non-audit services rendered by the External Auditors for the Group amounted to RM6,550 (2022: RM36,692) for the review of the Statement of Risk Management and Internal Control. f. The Committee was satisfied that the External Auditors were able to meet the audit requirements and statutory obligations of the Company as well as their independence and objectivity as External Auditors of the Company. Accordingly, the Committee recommended to the Board on the re-appointment of BDO PLT as External Auditors of the Company. Risk Management and Internal Control: a. Reviewed the Corporate Risk Profile (“CRP”) reported by the Risk Management Committee (“RMC”) that summaries the key risks of Risk and Control Self-Assessment (“RCSA”) review, Information Technology SelfAssessment (“ITSA”) review and emerging risks of the Group. b. Reviewed the action plans by RMC to ensure significant internal controls are promptly and timely implemented to mitigate the key risks identified. c. Together with the Group CEO, Group CFO, and Group CRO reviewed the results of work performed by the Internal Auditors, External Auditors, and the RMC and evaluated the overall adequacy and effectiveness of the system of internal controls during the financial year. Internal Audit: a. Reviewed and assessed the adequacy of resources and reporting structure of Group Internal Audit (“GIA”) to ensure the audit plan is executed effectively and independently. b. Reviewed the competency of GIA to ensure GIA is provided with adequate training and guidance to possess the required skill sets and knowledge. c. Reviewed the annual internal audit plan to ensure adequacy of scope and coverage, and that high-risk areas were audited on a regular basis. d. Reviewed the status of the internal audit plan during each ARC meeting. e. Discussed the major internal audit findings, weaknesses, and significant internal audit matters raised by the GIA. The ARC also sought the Management’s commitment for corrective actions as recommended in the internal audit reports. f. Reviewed the status of audit findings in ensuring appropriate actions are implemented in a timely manner by the Management, with no audit issues left unaddressed. Recurrent Related Party Transaction and Conflict of Interest: Recurrent related party transactions undertaken by the Group are reviewed half yearly for compliance with the MMLR and the appropriateness of such transactions to avoid any potential or actual conflict of interest and to ensure decisions are based on the Group’s normal commercial terms, and that adequate internal procedures had been followed to protect the interest of the Company and its shareholders. AUDIT AND RISK COMMITTEE REPORT CONT’D 57 ANNUAL REPORT 2023
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