3.7 Capital Expenditure On 23 February 2023 and 27 February 2024 respectively, the AC reviewed the total capital expenditure incurred by WB Group for the financial years ended 31 December 2022 and 31 December 2023. On 23 May 2023 and 21 August 2023 respectively, the AC reviewed the capital expenditures incurred during the financial year 2023 on a quarterly basis to ensure that the expenditures were within the approved budget for the financial year under review. On 28 November 2023, the AC reviewed the proposed annual capital expenditures and annual budget of the Group for FY 2024 before tabling to the Board for discussion and approval. 3.8 Conflict of Interest The Conflict of Interest Policy was established on 27 February 2024 to ensure that actual, potential and perceived conflict of interest (“COI”) are identified and managed effectively as it provides guidance on how to deal with COI situations as they arise and protect the Group’s interest, while assisting the Directors and employees to perform with high integrity and ethical standards. A Conflict of Interest Declaration Form was circulated to all Directors and Key Senior Management for them to disclose and declare their nature and extent of COI (if any) based on actual, potential and perceived COI. The compiled forms were tabled to and reviewed by the AC to determine the COI disclosed and the measure required to be taken to resolve, eliminate or mitigate the conflicts (if any) before the details of the COI are reported to the Board. The Directors and Key Senior Management would inform the Company immediately should their circumstances change in any way that affects their COI declaration. 4. INTERNAL AUDIT FUNCTION The AC is assisted by the Group Internal Audit (“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 2023 (“FY 2023”). Significant audit findings with regards to risk, control 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 line 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 line management to close existing 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 are as follows:- a. completed 8 risk-based audit engagements and special audit reviews that were presented to the AC. The review primarily focused on operations, 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 internal Self-Assessment on Quality Assurance and Improvement Programme (QAIP); 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 2023 for GIA amounted to RM1,006,176 (2022: RM876,415). Audit Committee 107 Wasco Berhad
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