Corporate Governance Report

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Intended Outcome
Companies have an effective governance, risk management and internal control framework and stakeholders are able to assess the effectiveness of such a framework.

Practice 10.2
The board should disclose: -

  • whether internal audit personnel are free from any relationships or conflicts of interest, which could impair their objectivity and independence;
  • the number of resources in the internal audit department;
  • name and qualification of the person responsible for internal audit; and
  • whether the internal audit function is carried out in accordance with a recognised framework.
Application Applied
Explanation on application of the practice The Internal Audit Function is carried out by IA Essential Sdn. Bhd.(“IAE”), an internal audit consulting firm. There is no other engagement between the Group and IAE which may create conflict of interest or impair their objectivity and independence.

The internal audit function is headed by a Director who is assisted by an audit team comprising a manager and an executive. The Director in charge is a qualified accountant while other team members are accounting graduates from local universities.

The Internal Auditors have conducted their work in consideration of the broad principles of the International Professional Practice Framework of Institute of Internal Auditors covering the conduct of the audit planning, execution, documentations, communication of findings and consultation with key stakeholders.

Further details on the internal audit activities are reported in the Audit Committee Report on pages 42 to 44 of the Annual Report 2017.

Explanation for departure  
 
Large companies are required to complete the columns below. Non-large companies are encouraged to complete the columns below.
Measure  
Timeframe    

Page 31

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