Shaped By High Standards Of Governance 152 FGV HOLDINGS BERHAD ASSURANCE Review of investment and divestment decision making and execution processes. Information Technology (IT) governance and controls which covers application functionality review, data integrity, user access control and system security, including cyber security. INVESTIGATION Group Internal Audit undertakes investigative audits based on the requests and information from the Whistleblowing Committee, Management, the AC and the Board. The outcome of the investigations are reported to the Whistleblowing Committee, Management, the AC and the Board respectively. The recommendations and resolutions arising from the investigation reports tabled are communicated to Management for the necessary actions for implementation. Group Internal Audit’s investigations and special review work during the year 2022 identified improvements in the following areas: • Revenue accounting • Operations management • Stock management • Procurement management • Project management • Human resource management PERFORMANCE REVIEW During the financial year, the Board evaluated the AC’s performance and the extent to which the AC met the requirements of its ToR, including the term of office and performance of the AC and each of its members. This performance assessment constituted part of the annual BEA, pertaining to the assessment of Board Committees. The AC Report was made in accordance with a resolution of the Board of Directors approved on 29 March 2023. CONSULTING Group Internal Audit plays an active role in advising the Group on various matters. In 2022, consulting advisory was provided through the following platforms: • IT Project Steering Committee and Working Committee meetings to provide guidance on IT project management and system development or implementation processes • Participation in working committees on issues related to the ban on palm oil products by the US • Provided feedback and queries on matters circulated and submitted to GMC for approval on process, clarity and transparency of information presented. The focus of Group Internal Audit’s feedback on the documents was from the aspect of compliance with any regulatory requirements, incorporating practical best practices and enhancing governance and risk management • Participation in meetings with Divisional Management and Sector Management to close the gaps relating to recurring audit issues Effective Audit and Risk Management Principle B:
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