Page 169 - Bank Muamalat_AR24

ANNUAL REPORT 2024 1 2 3 4 5 6 Governance 7 8 167

BOARD AUDIT COMMITTEE REPORT

Chairman The BAC meets on a scheduled basis to review audit
Roshidah Abdullah and investigation reports prepared by the internal auditors.
The Management of the respective audit reports were
Members also invited to the meetings, where required, to provide
• Johari Abdul Muid explanations to the BAC on issues arising from the audit
• Ainol Roznain Yaacob reviews or address any other concerns raised by the BAC.
• Md Khairuddin Hj Arshad
The external auditor was also invited to the meeting to
The composition of the BAC is in line with Paragraph 12.3 (c) present the audited financial statements, the Audit Plan,
of BNM CG, which requires that the position of the BAC audit and non-audit related fees, and other relevant matters.
Chairman be held by an Independent Director of BMMB. The BAC also reviews the financial performance reports,
write-offs and related party transactions prepared by the
BAC is chaired by Roshidah Abdullah with over 25 years’s Management.
experience in financial management, corporate strategy
development, governance and risk management in various The PCEO, Chief Internal Auditor and Chief Financial Officer
organisations across diverse industries – upstream oil and gas; attend all BAC meetings as permanent invitees to facilitate
pharmaceutical manufacturing and distribution; construction deliberation that deems necessary for BAC to discharge
and engineering – with operations in Malaysia and abroad its duties. The BAC Chairman communicated any significant
(particularly Kazakhstan, Indonesia and the Middle East). concerns or issues the internal and external auditors
A member of the Chartered Accountants of the Malaysian highlighted to the Board.
Institute of Accountants since 1992. She is also a Certified
Practicing Accountant from the Australian CPA.
KEY BAC ACTIVITIES
ROLES AND RESPONSIBILITIES The key activities undertaken in 2024:

The BAC is established to provide structured and independent Reviewed and approved the Annual Audit Plan FY2024
oversight of the Bank’s governance, risk management, and its revision to ensure its relevance and adequate
internal control system and financial reporting. This oversight scope and coverage, agile in responding to challenges in
mechanism serves to provide confidence in the integrity the business and operation landscape and competency of
and compliance with applicable rules, regulations and internal auditors.
procedures.
Reviewed and deliberated the audit reports including
The BAC is guided by the Terms of Reference and the recommendations and action plans by Management.
Board Audit Committee Charter in discharging its functions. Where necessary, directed the Management to implement
The responsibilities of the BAC include providing the Board the remedial action plans to strengthen the internal control
with independent and objective advice on the adequacy of system.
the Management’s arrangements on the Bank’s governance,
values and ethics, risk management, internal control system, Reviewed the progress of remedial action plans by
fraud and compliance. Management to ensure timely resolution of the control
lapses highlighted in the reports. Where necessary,
reviewed the justifications and approved the extension of
MEETINGS deadlines to resolve audit issues requested by Management.

Attendance Reviewed and endorsed the Balanced Scorecard of the
Members
of Meetings Chief Internal Auditor for FY2024.
Roshidah Abdullah 11/11 Reviewed the Internal Audit Policy, Board Audit Committee
Johari Abdul Muid 11/11 Charter and Internal Audit Charter and recommended
Ainol Roznain Yaacob 11/11 to the Board for approval.
Md Khairuddin Hj Arshad 10/11 Reviewed and endorsed the Corporate Governance

Eleven (11) BAC meetings were held during the financial year Disclosure for inclusion in the Bank’s Annual Report
ended 31 December 2024. FY2023.