The External Auditors are invited to the meeting to present the audited financial statements, the half-yearly unaudited financial reports, the Management Letters, the Audit Plan and other relevant matters. During the financial year 2024, the BAEC had two (2) private sessions with the External Auditors without the presence of the Management, i.e., on 29 January 2024 and 28 October 2024, to review the scope and adequacy of Bank Islam’s audit process, the annual financial statements and their audit findings. All BAEC members have given their full commitment to the meetings held in 2024 as indicated in their satisfactory meeting attendance record as follows: Name Meeting Attendance % Datuk Bazlan Osman Independent Non-Executive Director/Chairman 8/8 100 Nuraini Ismail Independent Non-Executive Director 8/8 100 Dato’ Professor Dr Noor Inayah Ya’akub Independent Non-Executive Director 7/8 87.5 THE BAEC ACTIVITIES IN 2024 Areas of Focus Matters Considered Internal Audit ✓ Reviewed and approved the 2025 Internal Audit Plan and Budget which includes the scope, procedures and frequency as well as adequacy and competency of internal audit resources. ✓ Reviewed and deliberated on 118 Internal Audit Reports on the Head Office, Regional Offices, the Branches as well as Ar-Rahnu outlets, Bureau De Change outlets, Agent Banking and identified critical units of Bank Islam including validation/verification exercise as required by Bank Negara Malaysia (BNM) and Securities Commission (SC). These audits, amongst others, focused on the effectiveness and adequacy of governance, risk management and internal control. An audit rating was assigned to the respective audits along with the auditors’ recommendations. The audit reports include the rectification measures on the findings and the deadline for rectification. ✓ Reviewed and deliberated on 24 Internal Audit Reports on Information System Audit which assessed the adequacy of the information system controls, security including cybersecurity and the necessary back-up systems to cover for contingencies or disaster. ✓ Reviewed and deliberated on two (2) Internal Audit Reports on Information System Audit which assessed the Post Implementation Review (PIR) on IT systems. ✓ Reviewed and deliberated on 15 Shariah Audit Reports on compliance with the Shariah rulings. ✓ Reviewed and deliberated on six (6) Internal Audit Reports on Credit Audit. ✓ Reviewed 16 investigation reports by Group Internal Audit which covers cases of staff negligence and potential disclosure of customers’ information. ✓ Reviewed eight (8) Internal Audit Reports of Bank Islam’s Subsidiaries as part of its oversight function. Bank Islam Malaysia Berhad ◆ Integrated Annual Report 2024 238 Board Audit & Examination Committee (BAEC) Report
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