Audit
Committee
6. INTERNAL AUDIT FUNCTION
The Audit Committee is assisted by the Group Internal Audit Department in reviewing the adequacy of operational controls so as to provide reasonable assurance that
such system continues to operate satisfactorily and effectively in the Group and to add value and improve the Group’s operations by providing independent and objective
assurance.
The Group Internal Audit Department is independent from the activities or operations of other operating units of the WSC Group. Its principal responsibility is to conduct
periodic reviews on the Group’s key operations and to ensure adequacy in operational controls, consistency in application of policies and procedures and compliance with
statutory requirements.
A summary of the Internal Audit activities during the financial year under review is as follows:
a.
prepared its annual audit plan for consideration by the Audit Committee;
b.
performed operational audits on business units of the Group to ascertain the adequacy and integrity of their system of internal controls and made recommendations
for improvement where weaknesses were found;
c.
conducted follow-up review to determine the adequacy, effectiveness and timeliness of actions taken by the Management on audit recommendations and provided
updates on their status to the Audit Committee; and
d.
performed special reviews requested by Management and/or the Audit Committee.
After each audit, the findings and recommendations for improvement were communicated to the respective Management for their response and corrective actions, if
necessary. On quarterly intervals, the internal audit reports with the Management’s responses were submitted to the Audit Committee for their review and consideration.
The total costs incurred by Group Internal Audit for 2014 was RM1,097,446 (2013: RM943,414).
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Wah Seong Corporation Berhad • Annual Report 2014
