Page 123 - SC Annual Report 2018 (ENG)

Securities
Commission
Malaysia
ANNUAL
REPORT
2018

• significant adjustments arising from the • Reviewed and approved the reappointment of
audit; and the existing external auditors for the financial
• significant unusual events. year ending 31 December 2018.

vi. approve the Internal Audit Charter and Internal audit
support as well as provide direction to the
Internal Audit Department (IAD) to ensure its • Reviewed the internal audit reports and
effectiveness; management’s action plans to address the
audit issues. The Audit Committee also
vii. consider and review the findings arising monitored the implementation of agreed
from internal audit reports or other internal actions and suggestions for improvements
investigations and responses by management, arising from the audits performed.
and to determine appropriate corrective
actions required of management; • Reviewed the achievement of the 2018
internal audit plan, which provided an overall
viii. review the implementation of action plans to indication of the performance of the internal
address key audit observations raised by IAD; audit function for the year.
and
• Considered the adequacy of scope and
ix. review the effectiveness of processes and comprehensive coverage of internal audit’s
procedures to ensure compliance with laws, activities, and approved the internal audit
regulations and contracts. plan for the financial year ending 31 December
2019.

AcTIvITIes oF THe coMMITTee • Reviewed the representation made on risk
management and internal controls in the
During the financial year, the main activities of the Statement on Governance for the SC’s Annual
Audit Committee included the following: Report 2018.

Financial reporting
INTeRNAL AudIT
• Reviewed the financial statements for the
financial year ended 31 December 2017 prior IAD assists the Audit Committee in the discharge
to presentation to the Board. of its duties and responsibilities. IAD reports directly
to the Audit Committee, which determines the
external audit adequacy of scope and function of the department.
IAD accomplishes its objectives by bringing a
• Reviewed the audit findings and auditor’s systematic and disciplined approach to evaluate and
report arising from the statutory audit for the improve the effectiveness of the organisation’s risk
financial year ended 31 December 2017. management, control and governance processes.

• Reviewed and approved the external audit plan IAD carries out its responsibilities by conducting
for the financial year ending 31 December 2018. reviews based on the approved internal audit plan,
Various audit and accounting issues were which is developed using a risk-based methodology.
discussed at the Audit Committee meetings.

PART 5 »» STATEMENTS, STATiSTiCS ANd ACTiviTiES | 113

NEW_90-222.indd 113 2/21/19 9:30 AM