163 SECTION 5 COMMITMENT TO GOVERNANCE INTEGRATED ANNUAL REPORT 2025 The Directors and Key Senior Management would inform the Company immediately should their circumstances change in any way that affects their earlier COI declaration. The COI Policy is reviewed and updated from time to time to ensure that they are relevant and in line with the requirements of all relevant acts, rules and guidelines currently in force. The COI Policy is available on the Company’s website at www.wascoenergy.com. 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 2025 (“FY 2025”). Significant audit findings with regards to risk, control, compliance and governance covered various scope which had high risk and impact were 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 adopting the Global Internal Audit Standards to align with international best practices for governance, risk and controls. 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 2025 to AC for review and approval; b. completed 6 risk-based audit engagements reviews and 1 ad-hoc ISO audit that were presented to the AC. The review primarily focused on project management and performance review, Environmental, Social and Governance (“ESG”), business strategies, human rights, human resources, risk management, information technology, information security management system (“ISMS”) compliance audit, and provided assurance on few common materials 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. conducting internal quality self-assessment of the internal audit function’s conformance with the Global Internal Audit Standards; and f. presented the Internal Audit Charter to AC for annual review. The total costs incurred in FY 2025 for GIA amounted to RM1,128,384 (2025: RM1,084,899). AUDIT COMMITTEE
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