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(11817-V) |

Annual Report


For the year under review, the GIA had undertaken the following work:

Developed an annual audit plan using a risk-based approach, taking into consideration of the key

business units of the Group and input from senior management and the Audit Committee members.

Provided independent assessment and objective assurance over the adequacy and effectiveness of

risk management and internal control processes.

Provided independent and objective reviews of the adequacy and relevance of internal controls enforced

to mitigate risk exposures.

Ascertained the level of compliance with established policies and procedures of the Group.

Performed risk-based audits based on the annual audit plan, including follow-up of matters from

previous internal audit reports.

Issued internal audit reports to the Management on risk management, control and governance issues

together with recommendations for improvements and enhancements to the existing system of internal

control and work procedures/processes.

Undertook ad-hoc reviews and investigations on matters arising from the audits or requested by the

Management or Audit Committee and issued reports accordingly. Reviewed the procedures relating to

related party transactions entered into by the Group to ensure that the related party transactions have

been conducted on the Group’s normal commercial terms and are not to the detriment of the Group’s

minority shareholders.

Preparation of Audit Committee Report and Statement on Risk Management and Internal Control for

the Company’s financial year ended 31 March 2015 Annual Report.

During the financial year ended 31 March 2016, a total of 11 reports comprising planned assignments

were issued. The areas reviewed included the control environment, risk management, revenue assurance,

procurement, finance, human resource, occupational safety and health and regulatory compliance and


The total cost incurred by GIA in discharging its internal audit function in respect of the financial year ended

31 March 2016 was RM377,000 (2015:RM487,000).



Board of Directors

Group Internal Audit

Audit Committee

Risk Management Committee

Risk Management Unit

Group Support Function