During the financial year, the key activities performed by GIA included the following: • Performed periodic audit engagement which covered the review of internal controls on key operating processes based on the approved internal audit plan using a risk-based approach, and progressively issuing detailed internal audit reports to the Audit Committee This included the conduct of the following audits: a) Project Implementation and Management b) Marketing and Sales c) Sales and Credit Administration d) Property Management e) Human Resources f) Resort Management: Marketing & Sales (Banquet) Department g) Resort Management: Maintenance of Motor Vehicles h) Procurement and Engagement of Suppliers & Service Providers and i) Customer Care Unit During FY2023, internal audit reports which incorporate key control issues, significant risks, recommendations to improve on matters raised during the course of the audits and managements comments and remedial actions were issued and tabled to the Audit Committee. None of the audit findings have resulted in any material losses, contingencies or uncertainties that would require disclosure in the Company’s Annual Report. • Prepared the annual audit plan for deliberation and approval by the Audit Committee • Performed follow up procedures on the implementation of agreed upon action plans to ensure that necessary actions have been taken/ are being taken as recommended • Reviewed recurring related party transactions on a quarterly basis on the adequacy, appropriateness and compliance of existing established procedures on monitoring of recurrent related party transactions • Reviewed on ad-hoc basis, areas where there were concerns that affected financial reporting, internal controls and governance. In an effort to provide value added services, GIA also provided additional assurance and advisory services upon request by Management in relation to compliance, governance, risk management and internal controls GIA is adequately resourced with a total of 6 internal auditors. All internal auditors are equipped with relevant experience and professional qualifications and are members of The Institute of Internal Auditors Malaysia. In order to perform their functions effectively, the internal auditors are encouraged to continuously enhance their knowledge, skills and competencies through relevant professional courses, seminars, training courses and on-the-job-training. None of the internal audit personnel has any relationships or conflict of interest that could impair their objectivity and independence in conducting their internal audit functions. The operational costs incurred by GIA for the financial year 2023 amounted RM 844,025 (2022: RM 985,791). The Audit Committee Report is made in accordance with a resolution of the Board dated 29 April 2024. 168 ANNUAL REPORT 2023
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