Page 170 - Bank-Muamalat_Annual-Report-2023

BANK MUAMALAT MALAYSIA BERHAD

BOARD AUDIT

COMMITTEE REPORT

Chairman Members Eleven (11) BAC meetings were held during the financial
Roshidah Abdullah • Johari Abdul Muid year ended 31 December 2023.
• Ainol Roznain Yaacob
• Md Khairuddin Hj Arshad The BAC meets on a scheduled basis to review audit and
investigation reports prepared by the internal auditors.
The composition of the BAC is in line with Paragraph 12.3 (c) The Management of the respective audit reports were also
of BNM CG, which requires that the position of the BAC invited to the meetings, where required, to provide explanations
Chairman be held by an Independent Director of Bank to the BAC on issues arising from the audit reviews or address
Muamalat. any other concerns raised by the BAC.

BAC is chaired by Roshidah Abdullah with over 25 years’s The external auditor was also invited to the meeting to
experience in financial management, corporate strategy present the audited financial statements, the Audit Plan,
development, governance and risk management in various audit and non-audit related fees, and other relevant matters.
organisations across diverse industries – upstream oil and gas; The BAC also reviews the financial performance reports,
pharmaceutical manufacturing and distribution; construction write-offs and related party transactions prepared by the
and engineering – with operations in Malaysia and abroad Management.
(particularly Kazakhstan, Indonesia and the Middle East). A
member of the Chartered Accountant of the Malaysian Institute The PCEO, Chief Internal Auditor and Chief Financial Officer
of Accountants since 1992. She is also a Certified Practicing attend all BAC meetings as permanent invitees to facilitate
Accountant from the Australian CPA. deliberation that deems necessary for BAC to discharge its
duties. The BAC Chairman communicated any significant
Ainol Roznain Yaacob was appointed as a member on concerns or issues the internal and external auditors highlighted
1 October 2022 to replace Iwan Rashman Gulamoydeen as a to the Board.
representative from Khazanah Nasional Berhad. He started his
career in audit with KPMG London before moving to Corporate
and International Tax within KPMG and later with Deloitte KEY BAC ACTIVITIES
specialising in risk management and controls.
The key activities undertaken in 2023:

ROLES AND RESPONSIBILITIES Reviewed and approved the Annual Audit Plan FY2023
1 and its revision to ensure its relevance and adequate
The BAC is established to provide structured and independent scope and coverage, agile in responding to challenges
oversight of the Bank’s governance, risk management, in the business and operation landscape and competency
internal control system and financial reporting. This oversight of internal auditors.
mechanism serves to provide confidence in the integrity
and compliance with applicable rules, regulations and 2 Reviewed and deliberated the audit engagements,
procedures. investigations, and whistleblowing reports including
recommendations and action plans by Management.
The BAC is guided by the Terms of Reference and the Where necessary, directed the Management to
Board Audit Committee Charter in discharging its functions. implement the remedial action plans to strengthen
The responsibilities of the BAC include providing the Board the internal control system.
with independent and objective advice on the adequacy of the
Management’s arrangements on the Bank’s governance, values Reviewed the progress of remedial action plans by
3 Management to ensure timely resolution of the control
and ethics, risk management, internal control system, fraud and
compliance. lapses highlighted in the reports. Where necessary,
reviewed the justifications and approved the extension
of deadlines to resolve audit issues requested by
MEETINGS Management.

Reviewed and endorsed the result of the Chief Internal
Members Attendance of Meetings
4 Auditor’s Scorecard for the Financial Year 2022 to the
Roshidah Abdullah 10/11 BAC.
Johari Abdul Muid 11/11
Ainol Roznain Yaacob 10/11
Md Khairuddin Hj Arshad 11/11

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