Change - S P Setia Berhad

59
S P Setia Berhad Group
Audit Committee Report
INTERNAL AUDIT FUNCTION
The Group has an in-house Internal Audit Department which directly reports to the Audit Committee. The Committee is aware of the
fact that an independent and adequately resourced internal audit function is essential to assist in obtaining the assurance it requires
regarding the effectiveness of the system of internal controls.
The internal audit activities carried out for the financial year include, inter alia, the following:
– Ascertained the extent of compliance with the established Group policies, procedures and statutory requirements;
– Reviewed the system of internal controls and key operating processes based on the approved annual plan by adopting a risk
based approach and recommending improvements to the existing system of controls; and
– Reviewed related party transactions.
Arising from the above activities, Internal Audit reports, incorporating the audit finding, audit recommendation and management
response were issued to the Audit Committee. Follow-up audit was also conducted and the status of implementation on the agreed
upon recommendations were issued to the Audit Committee.