131 INTEGRATED ANNUAL REPORT 2024 Overview of Wasco Berhad Key Messages Value Creation Commitment to Governance Sustainability Journey Financial Statements Other Information AUDIT COMMITTEE 4. INTERNAL AUDIT FUNCTION The AC is assisted by the GIA in providing independent and objective assurance to the Group to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance. The Head of GIA reports functionally to the AC and administratively to the Managing Director/ Group Chief Executive Officer. The GIA had conducted risk-based audit engagements as stipulated in the annual Internal Audit Plan for financial year 2024 (“FY 2024”). Significant audit findings with regards to risk, control, compliance and governance covered various scope which had high risk and impact discussed with senior management, of which also including the agreed action plans committed by the management. The audit reports were presented quarterly to the AC for deliberation. Follow up review on the audit engagements were also conducted on every quarter to ensure proper and effective remedial actions have been taken by the management to close control gaps, risk and governance related issues highlighted by the GIA. All the internal audit activities and processes were performed as guided by the Internal Audit Charter and the GIA Standard Operating Procedure. The GIA is in conformance with the International Standards for the Professional Practice of Internal Auditing. A summary of the internal audit activities performed during the financial year under review is as follows:- a. tabled the Annual Audit Plan and budget for FY 2024 to AC for review and approval; b. completed 5 risk-based audit engagements reviews that were presented to the AC. The review primarily focused on operations of the business entities, assisted in anti-bribery management system (ABMS) compliance audit, and provided assurance on few common material sustainability matters of the Group to ascertain the adequacy and effectiveness of risk, control, compliance and governance processes; c. reviewed Related Party and Recurrent Related Party Transactions on quarterly basis; d. performed follow-up review on every quarter to assess the adequacy, effectiveness and timeliness of actions taken by the management; e. completed internal Self-Assessment on Quality Assurance and Improvement Program (QAIP); and f. presented the Internal Audit Charter to AC for annual review and approval. The total costs incurred in FY 2024 for GIA amounted to RM1,084,899 (2023: RM1,006,176).
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