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ENRICHING tHE FUtURE ENRICHING NAtIoNAL PRoGRESS ENRICHING StAKEHoLDER VALUE ENRICHING SUStAINABLE IMPACt

StAtEMENt ON INtERNAL AuDIt

OVERVIEW The Internal Audit Department’s secondary scope of work
encompasses the following:
The Internal Audit Department provides independent,
objective assurance and consulting services designed to • Conducting special investigations.
add value and improve KWAP’s operations. The mission • Participating as an observer in selected project
of the Internal Audit Department is to enhance and committees set up to develop or implement new
protect organisational value by providing risk-based and systems or processes. Such participation is limited
objective assurance, advice and insight. The Internal Audit to providing advice on control matters and does not
Department helps KWAP accomplish its objectives by preclude the Internal Audit Department from auditing
bringing a systematic, disciplined approach to evaluate and the systems or processes.
improve the effectiveness of governance, risk management
and control processes. The Internal Audit Department adopts a risk-based audit
plan approach, prioritising the internal audit function
INDEPENDENCE AND OBJECtIVItY according to the audit risk level. In 2023, a total of 12 audit
reports were issued, whilst the same number of reports was
The Head of Internal Audit reports functionally to the Board issued in 2022. The status of outstanding audit issues is
Audit Committee (BAC) and administratively to the Chief reported to the Management on a monthly basis and to the
Executive Officer. The current reporting arrangement for BAC on a quarterly basis. The Internal Audit Department
internal audit allows the Internal Audit Department to fulfil continues to monitor the implementation of action plans as
its responsibilities and does not interfere with the Head of agreed upon by the Management. For both 2023 and 2022,
Internal Audit’s responsibility to the BAC.
there were no overdue action plans reported to the BAC.
The independent status of Internal Audit Department has 2023 HIGHLIGHtS
not been challenged during the past year. There have been
no restrictions to Internal Audit Department scope of work, In 2023, the Internal Audit Department had completed
resources and access during the year. the enhancement of Audit Methodology guidelines,
staff competency matrix and a targeted Learning and
The Head of Internal Audit is aware that should major Development Plan. Additionally, Internal Audit Department
restrictions on the scope of Internal Audit Department has successfully hosted two awareness sessions on
occur, this would be reported to the BAC.
good governance practices and anti-money laundering
SCOPE OF WORK for all staff in KWAP, aiming to raise awareness of the
importance of practicing good governance and preventing
The scope of Internal Audit Department encompasses, but money laundering and terrorist financing. The Internal Audit
is not limited to, objective examinations of evidence for Department has also successfully implemented the guest
the purpose of providing independent assessments to the Auditor Programme which serves as leadership training
BAC, Management and external parties on the adequacy programme for future KWAP leaders.
and effectiveness of governance, risk management and
control processes in KWAP.

128 KUMPULAN WANG PERSARAAN (DIPERBADANKAN) i INtEGRAtED REPoRt 2023