Page 100 - MSM_AR2020

CHAIRMAN’S DELIVERING MSM MANAGEMENT DISCUSSION GROUP FINANCIAL
STATEMENT VALUE OVERVIEW & ANALYSIS REPORT

AuDIT, GOVERNANCE AND RISk COMMITTEE REPORT

SUMMARY OF WORK OF THE INTERNAL AUDIT In 2020, the internal audit function performed six (6)
FUNCTION internal audit assignments (i.e. five (5) assurance audits
and one (1) investigation) which consumed 1,085
The Internal Audit function provides independent and mandays in comparison to 460 budgeted mandays
objective assurance of the adequacy and effectiveness of risk during the year.
management, controls and governance processes covering
all operations of the Group. In conducting their independent c) Presented to the AGRC at its quarterly meetings,
audits, the Internal Audit function adopted a risk based key findings from the internal audit reports issued.
internal audit approach by focusing on the assessment of
significant risk areas. During the financial year under review, d) Prepared and presented to the AGRC, a report on
the Internal Audit function has undertaken the following the progress of the findings, recommendation and
98
main activities: Management’s corrective action implementation from
internal audit reports issued.
a) Developed the Annual Internal Audit Plan of MSM
MSM MALAYSIA HOLDINGS BERHAD Annual Report 2020
Group for year 2021 and presented the same to the e) Undertook Recurrent Related Party Transactions
AGRC for approval. review for the purpose of supporting the Committee’s
statement in the Circular to the shareholders to seek
b) Performed internal audits according to the Annual mandate on new and existing Recurrent Related Party
Internal Audit Plan approved by the AGRC and reported Transactions of the Group.
the findings, recommendations and Management’s
corrective action directly to the AGRC with copies to f) In addition, the following were are delivered:
the relevant Management for their action. The scope a) Undertook investigations and reported the
of work was focused on the following key areas:
outcome of such investigations to the AGRC and
• Governance Framework and Structure Management.

• Financial Management including treasury function b) Provided feedback on the Statement on Risk
Management and Internal Control 2019, Audit
• Trading Processes Committee Report 2019 and the Corporate
Governance Overview Statement 2019.
• Supply Chain

• Project Management STATEMENT BY THE BOARD
• Sales and Marketing This Audit, Governance and Risk Committee Report was
made in accordance with a resolution of the Board of
• Procurement Directors duly passed on 25 March 2021.
• Human Resource