INTERNAL AUDIT FUNCTION (Cont’d) The major activities undertaken by the GIA function are summarised as follows: (Cont’d) f. Attending RMC meetings as an observer to provide the ARC with an independent assessment of the adequacy and reliability of the risk management processes and compliance with risk policies; g. Reviewing the whistleblowing cases as part of the risk management structure and good corporate governance practice; h. Reviewing the allocation of options made pursuant to ESS 2021; and i. Performing ad hoc audit to address specific management’s concerns. During the FY2023, the GIA had conducted independent reviews on internal control and compliance for the following areas, as per the internal audit plan approved by the ARC: a. Outsourced Service Provider Review; b. Sales to Collection Process; c. Anti-Money Laundering and Anti-Terrorist Fund Review; d. Corporate and Merchant Sales Process; e. Credit Review. The results of all internal audit reviews together with the relevant recommendations, were presented to the Management for discussion and agreement on necessary corrective action plans. At each ARC meeting, the Head of GIA updates the ARC of the status of ongoing audits and presents the internal audit reports as well as key observations with recommendations. Relevant Management personnel are invited to be present during such presentations. Periodic follow-up audits are also performed by the GIA in ensuring corrective actions arising from the previous internal audit findings had been implemented accordingly. ARC considers the results of audits undertaken and evaluates the adequacy of Management’s responses to matters raised. The Company has allocated a reasonable budget to enable the GIA team to attend briefings, conferences, and seminars organised by the relevant professional bodies in order for them to stay abreast with the latest developments in auditing standards globally. The total cost incurred by the GIA department in discharging its functions and responsibilities, in respect of the financial year under review was approximately RM409,000 (2022: RM326,000). AUDIT AND RISK COMMITTEE REPORT CONT’D 59 ANNUAL REPORT 2023
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