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AEMULUS HOLDINGS BERHAD
A N N U A L R E P O R T 2 0 1 6
AUDIT COMMITTEE REPORT
(Cont’d)
INTERNAL AUDIT FUNCTION
The internal audit function is outsourced to an independent professional services firm to carry out internal audit services for
the Group. Internal audit reports will be presented, together with Management’s response and proposed action plans to the
Committee on a quarterly basis or as earlier as appropriate. Where areas of improvements were required, it was highlighted
to the Management for implementation. The Audit Committee monitored the progress of the implementation.
The Internal Auditors undertake internal audit functions based on the audit plan approved by the Committee. The internal
audit plan is derived based on the risk-based approach which addresses all the core auditable areas of the Group based on
their risk profile.
The total cost of the internal audit function incurred in respect of the financial period ended 30 September 2016 amounted
to RM47,400.
During the financial year under review, the Internal Auditors carried out the following activities:-
a)
Presented and obtained approval from the Audit Committee the audit plan and scope of audit work;
b)
Performed audits according to the audit plan, reviewed the adequacy and effectiveness of the internal control system,
compliance with policies and procedures and reported ineffective and inadequate controls and made recommendations
to improve their effectiveness; and
c)
Performed follow-up reviews in assessing the progress of the agreed management’s action plans and report to the
management and Audit Committee.