TANJUNG OFFSHORE BERHAD

AUDIT COMMITTEE REPORT
INTERNAL AUDIT FUNCTION
47
TANJUNG OFFSHORE BERHAD (662315-U)
ANNUAL REPORT 2009
The Audit Committee is aware of the importance of independent and adequately resourced internal audit function for
the effectiveness of internal control system. The principal responsibilities of the internal audit function are as follows:-
Evaluate the effectiveness of the internal control systems so as to provide reasonable assurance that such
systems continue to operate in compliance with the existing control and risk assurance systems effectively.
Review, appraise and to ensure compliance with the Group’s established policies and procedures as well as the
relevant statutory requirements.
Highlight major weakness in control procedures and make recommendation for improvements to the Audit
Committee.
The internal audit function of the Group adopts a risk based approach to monitor and implement an effective internal
control system for the Group. The monitoring process forms the basis for continuous improvement to the risk
management process of the Group in meeting its overall objectives.
The Group had outsourced its internal audit function to a professional services fi rm, which was tasked with the aim of
assisting the Committee to discharge its duties and responsibilities. The cost incurred in relation to the internal audit
function during the fi nancial year was RM37,200.