171 GOVERNANCE | REPORT ON AUDIT COMMITTEE The internal audit activities carried out in accordance with the approved internal audit plan for FYE 2024 were in the following areas: Corporate & BU (Finance) • Monitoring and coordination on loan covenants. Corporate (Group Information Technology) • Cybersecurity management. Corporate (Group Human Resources) • Corporate governance on payroll operations. Yinson Production • Project management related to tender processes, technical specifications and budget cost. • Asset management related to material requisition and onboard vessel activities reporting and practices. • Information and data collation in compliance to local rules and regulations. Yinson Renewables • Accounts payable and local tax management. • Compliance procedure to loan covenants. Yinson GreenTech • Project management, inclusive of compliance to applicable laws & regulations. • Asset management on charging facilities. In FYE 2024, 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 RM2.26 million. This Report on AC was made in accordance with the approval of the Board on 20 May 2024.
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