ANNUAL REPORT 2024 97 A. SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024 (CONT'D) 3. Internal Auditors (Cont'd) b. Reviewed the performance, progress and activities of the Internal Audit functions on quarterly basis which covered the following aspects:- (Cont'd) iv. Significant matters/issues/challenges faced by IAD in the conduct of audit fieldwork, and in this connection, the Audit Committee requested IAD to put forth proposed solutions and recommendations to address the issues/ challenges encountered with the view to improve a more effective undertaking of audit assignments. v. The man-hours and costs incurred by IAD in discharging its roles and responsibilities within approved man-hours budget and costs budget. c. Reviewed the progress and successful implementation of the corrective action plans committed by the Management for all key audit observations and recommendations highlighted in previous Internal Audit Reports. In respect of long-outstanding audit observations of significance, the Audit Committee followed the practice of instructing IAD to formally communicate with the auditees in expressing the Audit Committee concerns with requests for timely resolution of the outstanding audit issues. d. Reviewed and approved the Annual Internal Audit Plan of the IAD for the working period from June 2023 to May 2024 in respect of the financial year ending 31 March 2024 with emphasis on the audit scopes of work, audit activities and planned of work, adequacy of resources and sufficiency of coverage of auditable areas selected in accordance with the risk-based audit approach. The identified key audit assignments planned for FY2023/2024 areas covered the following areas: i. Project Management ii. Plants’ Production Operations iii. Personalisation Operations and Security iv. Sales and Marketing v. Business Development vi. Corporate Governance 4. Corporate Governance and Compliance a. Reviewed and published the annual report of the Company which encompasses all relevant disclosure statements of corporate governance as well as required documentations as set out in Part A of Appendix 9C of the MMLR. b. Reviewed with the assistance of the IAD on a quarterly basis to determine instances of any related party transaction for compliance with Bursa Listing Requirements and the internal procedures in place. c. Discussed and noted the updates of new standards/regulatory requirements issued by the regulatory, statutory and professional bodies and relevant business news articles published by the mass media considered to be of interests to Audit Committee/Board members. d. Reviewed the implementation status of anti-corruption anti-bribery exercise carried out by the Group to adopt the Ministerial Guidelines on Adequate Procedures to comply with the requirements set out under Section 17A of the MACC Act. COMMITTEE REPORT AUDIT
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