A summary of the internal audit activities performed during the financial year under review are as following:- a. completed 5 risk-based audit engagements and presented those reports to AC, of which focused on review of various scope including operations, support functions and business entities of the Group to ascertain the adequacy and effectiveness of risk, control and governance processes; b. performed follow-up review on quarterly basis to assess the adequacy, effectiveness and timeliness of actions taken by the line management; c. completed Self-Assessment with Independent external Validation (SAIV) by The Institute of Internal Auditors Malaysia; d. tabled the Annual Audit Plan and budget for FY 2023 to AC for review and approval; and e. presented the Internal Audit Charter to AC for annual review and approval. The total costs incurred in FY 2022 for GIA amounted to RM876,415 (2021: RM696,414). AUDIT COMMITTEE Annual Report 2022 Wah Seong Corporation Berhad 57
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