123 KENANGA INVESTMENT BANK BERHAD Annual Report 2022 b. The AC, at its meeting held on 25 January 2022 and 25 October 2022 had also taken note of the outcome of the review performed by the Group Prudential Supervision & Regulatory Affairs (“GPSRA”) in relation to the status of implementation of action plans identified by the relevant departments following GPSRA’s regulatory issuances of new, revised and updated regulations to ensure KIBB’s compliance with the relevant regulatory requirements prescribed by the respective regulators. c. At its meeting held on 21 March 2022, the AC had reviewed and recommended to the Board of KIBB for approval, the amendments to its Terms of Reference. d. At its meeting held 1 September 2022, the AC had reviewed and deliberated on the investigation report pertaining to a reported whistleblowing case. The AC, on 25 October 2022, further recommended to the Board of KIBB for approval, on areas identified for improvement based on GIA’s observations on the said whistleblowing case. 3.11 Joint Meeting Between the AC and the GBRC Pursuant to BNM’s Policy Document on Risk Governance, the GBRC and the AC were expected to periodically meet to ensure effective exchange of information to enable effective coverage of all risks, including emerging risk issues that could have an impact on KIBB Group’s risk appetite and business plans. In this regard, a joint meeting between the AC and the GBRC was held on 30 August 2022 as per the aforementioned requirement by BNM. 4. INTERNAL AUDIT FUNCTION 4.1 The internal audit function of KIBB is established in-house. In discharging its responsibilities, GIA, which reports functionally to the AC and administratively to the Group Managing Director, provides independent and objective assurance to the Board and Management that the policies, procedures and operations that Management has put in place for risk management, control and governance are adequate, operating effectively and efficiently, and in compliance with prescribed laws and regulations. 4.2 During the year under review, GIA carried out internal audit reviews based on its 2022 Audit Plan as approved by the AC. This Audit Plan was developed using a risk-based methodology. The audit reviews conducted by GIA included business support processes, Information Technology/ technical audits and compliance audits on regulatory requirements. 4.3 All GIA’s reports, detailing the audit findings, audit recommendations, as well as Management’s responses to those recommendations were circulated to the Group Managing Director and Heads of the respective Divisions/ Departments within KIBB Group. Follow-up reviews were performed on the implementation status of the audit recommendations and reported to the AC accordingly. 4.4 The total costs incurred by GIA in discharging its functions and responsibilities in 2022 amounted to RM4.773 million. 4.5 As at 31 December 2022, GIA’s headcount was eighteen (18). AUDIT COMMITTEE REPORT
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