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126 KUMPULAN WANG PERSARAAN (DIPERBADANKAN) FoR BEttER GovERNANcE

STATEMENT ON

INTERNAL AUDIT

OVERVIEW The Internal Audit’s secondary scope of work encompasses
the following:
The Internal Audit Department provides independent,
objective assurance and consulting services designed to i. Conducting special investigations; and
add value and improve KWAP’s operations. The mission
of internal audit is to enhance and protect organisational ii. Participating as an observer in selected project
value by providing risk-based and objective assurance, committees set up to develop or implement new
advice and insight. The internal audit function helps systems or processes. Such participation is limited
KWAP accomplish its objectives by bringing a systematic, to providing advice on control matters and does not
disciplined approach to evaluate and improve the preclude the Internal Audit from auditing the systems
effectiveness of governance, risk management and control or processes.
processes. The team continues to adopt a risk-based audit plan
INDEPENDENCE AND OBJECTIVITY approach, prioritising the internal audit function according
to the audit risk level. A total of 12 audit reports were
The Head of Internal Audit reports functionally to the Board issued in 2022 as compared to 13 audit reports in 2021, of
Audit Committee (BAC) and administratively to the Chief which three audits were brought forward from 2020 Audit
Executive Officer. The current reporting arrangement Plan. Status of outstanding audit issues are reported to
for Internal Audit allows the Internal Audit to fulfil its the Management on a monthly basis and to the BAC on
responsibilities and does not interfere with the Head of a quarterly basis. The Internal Audit continues to monitor
Internal Audit’s responsibility to the BAC. the implementation of action plans as agreed by the
Management. For 2022 and 2021, there was no overdue
The independent status of Internal Audit has not been action plan reported to the BAC.
challenged during the past year. There have been no
restrictions to Internal Audit scope of work, resources, and 2022 ACHIEVEMENTS
access during the past year.
Internal Audit’s most notable achievements for 2022
The Head of Internal Audit is aware that should major is the development of the Internal Audit Strategic Plan
restrictions on the scope of Internal Audit function occur, that will propel Internal Audit’s value and status within
this would be reported to the BAC. KWAP to the next level. Additionally, Internal Audit has
also established new risk assessment criteria matrix
SCOPE OF WORK as additional tool to determine risk exposure for each
audit observation, successfully implemented Guest
The scope of internal audit function encompasses, but is
not limited to, objective examinations of evidence for the Auditor Programme which serves as leadership training
purpose of providing independent assessments to the programme for future KWAP leaders. 11 awareness
BAC, Management and external parties on the adequacy sessions on good governance practices were conducted
and effectiveness of governance, risk management and to raise awareness on the importance of practicing good
control processes in KWAP. governance within KWAP. The team has completed all
audit assignments with the reports issued within the
same year.