Page 144 - Bank-Muamalat-Annual-Report-2021

142 BANK MUAMALAT MALAYSIA BERHAD
ABOUT US OUR LEADERSHIP OUR STRATEGY OUR PERFORMANCE

BOARD AUDIT COMMITTEE

REPORT

Roles and Responsibilities Meetings

The BAC is established to provide structured and independent Attendance
Members
oversight of the Bank’s governance, risk management, of meetings
internal control system and financial reporting. This oversight
Md Khairuddin Hj Arshad (KA) 12/12
mechanism serves to provide confidence in the integrity and
compliance with applicable rules, regulations and procedures. Roshidah Abdullah (RA) 4/4
The BAC is guided by the Terms of Reference and the Board Iwan Rashman Gulamoydeen 11/12
Audit Committee Charter in discharging its functions. The Johari Abdul Muid 12/12
responsibilities of the BAC include providing the Board with
Ghazali Hj Darman (GD) 6/6
independent and objective advice on the adequacy of the
Management’s arrangements on the Bank’s governance, values
and ethics, risk management, internal control system, fraud and Twelve BAC meetings were held during the financial year
compliance. ended 31 December 2021.

Composition The BAC meets on a scheduled basis to review audit and
investigation reports prepared by the internal auditors. The
The Board Audit Committee (BAC) is comprised of the following Management of the respective audit reports were also invited
Board members: to the meetings, where required, to provide explanations to
the BAC on issues arising from the audit reviews or address any
Md Khairuddin Hj Arshad (KA) 1 other concerns raised by the BAC.
Roshidah Abdullah (RA) 2 The external auditor was also invited to the meeting to present
Iwan Rashman Gulamoydeen the audited financial statements, the Audit Plan, audit and
non-audit related fees, and other relevant matters. The BAC
Johari Abdul Muid
also reviews the financial performance reports, write-offs and
Ghazali Hj Darman (GD) 3
related party transactions prepared by the Management.
1 KA became Chairman of BAC on 21 July 2021 until 17 December 2021 The PCEO and Chief Internal Auditor attend all BAC meetings
RA became a member of BAC on 1 September 2021 and became Chairman to as permanent invitees to facilitate deliberation that deems
2
replace KA on 18 December 2021
3 GD ceased to be a member and Chairman of BAC on 19 June 2021 necessary for BAC to discharge its duties. The BAC Chairman
communicated any significant concerns or issues the internal
and external auditors highlighted to the Board.
The composition of the BAC is in line with Paragraph 12.3 (c) of
BNM CG, which requires that the position of the BAC Chairman Key BAC activities
be held by an Independent Director of Bank Muamalat.
The key activities carried out by the BAC in 2021 are as follows:
Ghazali Darman chaired BAC until his resignation on
1. Internal Audit
19 June 2021. Md Khairuddin Hj Arshad was elected to
assume the Chairman position pending the appointment i. Reviewed and approved the Annual Audit Plan
of a new Chairman with qualified accounting background. FY2021 and its revision to ensure its relevance and
adequate scope and coverage, agile in responding to
Roshidah Abdullah was appointed as member on
challenges in the business and operation landscape
1 September 2021 and as the new Chairman of BAC on
and competency of internal auditors.
18 December 2021. She is a member of the Chartered
Accountant of the Malaysian Institute of Accountants since ii. Reviewed and deliberated the audit reports including
1992. She is also a Certified Practicing Accountant from recommendations and action plans by Management
the Australian CPA. for 115 auditable areas and 8 investigation reports.
Where necessary, directed the Management to
implement the remedial action plans to strengthen
the internal control system.