164 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2023 REPORT ON AUDIT COMMITTEE In FYE 2023, the Chairman of the AC highlighted the key audit issues, and recommended the decision and resolutions made at the AC meetings for the approval of the Board. The total cost incurred for maintaining the IA function for the financial year under review was approximately RM1.66 million. This Report on AC was made in accordance with the approval of the Board on 19 May 2023. The IA function performs internal audit reviews in accordance with the principles of the International Professional Practice Framework on internal auditing covering the conduct of the audit planning alongside with an in-house adopted Internal Audit Engagement Roadmap in the process of execution, documentations, communication of findings and consultation with key stakeholders on audit concerns and objectives. The IA function carried out audits according to the internal audit plan which had been approved by the AC. Internal audits were carried out to provide assurance that internal controls are established and operating as intended to achieve effective and efficient operations while adhering to applicable policies, guidelines and procedures. IA function conducted independent reviews and risk exposure evaluations relating to the operations and management information system. In performing such reviews, recommendations for improvements and enhancements to the existing internal control system and work processes were made. During FYE 2023, a total of six (6) internal audit reports, incorporating audit findings, audit recommendations and management’s responses, were issued to the AC and the Management of the respective business operations. The Management is responsible for ensuring that corrective and/or improvement actions are taken within the required timeframe and all findings identified by IA function are tracked and followed up on a quarterly basis with the status of the implementation reported to the AC accordingly. The internal audit activities carried out in accordance with the approved internal audit plan for FYE 2023 were in the following areas: Corporate (Finance) • Data capturing processes analysis • Critical accounting estimate verification • Tax receivables recoupment status • System tools effectiveness Corporate (Enterprise Risk Management) • Risk Management’s maturity Yinson GreenTech • Strategic investment management • Critical processes readiness Yinson Production • Procurement, Contracting and vendor registration management • Local Content status • HSEQ platform status Yinson Renewables • Project pipeline and solar plant management
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