INTERNAL AUDIT SECTION
Introduction
The Internal Audit Section provides independent, objective assurance as well as advisory services designed to add value to improve Companies Commission of Malaysia (SSM) operations.
In accordance to The IIA's Three Lines Module, the Internal Audit Section as the third line of defence, functions to help SSM to achieve its objectives through a systematic and disciplined approach guided by the industry best practises in assessing and helping the organisation to enhance the effectiveness of risk management, internal control and governance processes in its day-to-day operations.
In achieving SSM's vision of becoming a top tier Corporate Registry and Regulatory Authority, SSM performs its functions based on a clear governance framework together with the following strategic thrust, corporate values and quality policies are as follows:
| (1) OPTIMISING PROCESS IMPROVEMENT | (2) PROVIDING A HIGH PERFORMANCE CULTURE |
| SSM always makes improvements in its processes to facilitate business and guarantee the quality of work process. Every Division/Section must always update existing work processes if there are improvements through Policies, Manuals, Work Procedures, Circulars, Administrative Instructions, Financial Instructions and Guidelines. | SSM is committed and adheres to superior work ethics and applies it professionally with SSM Code of Ethics, Disciplinary and Surcharge Act, SSM Anti-Corruption Policy, SSM Conflict of Interest Policy, SSM No Gift Policy includes other documents related to integrity at SSM as a disciplinary reference and cultural excellent work of SSM employees. |
| (3) PROVIDING A TRUSTED B USINESS ENVIRONMENT | (4) INTEGRATING SUSTAINABLE VALUE |
| Creating a conducive corporate and business environment through a dynamic legal framework with good Policies, Manuals, Work Procedures, Circulars, Administrative Instructions, Financial Instructions and Guidelines. | The trusted business management policy outlines SSM's principles and commitments related to responsible business management, taking into account environmental, value and governance factors to assist stakeholders. |
(5) SUSTAINABLE RISK MANAGEMENT
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Sustainable risk management policies and frameworks by establishing Enterprise Risk Management (ERM) and Business Continuity Manage ment (BCM). BCM consists of Emergency Response Plan, Crisis Management Plans and Business Continuity Plan (BCP) to ensure possible risks at SSM could be reduced.
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Main Functions of Internal Audit Section
The Internal Audit Charter is an official document outlining the roles of the Internal Audit Section in performing its duties and responsibilities in SSM.
The main functions of the Internal Audit Section includes the following aspects:
(1) Conduct risk based routine audit works focus on gorvernance system, risk management and internal control of the organisation;
(2) Conduct investigation audit upon request of the Commission Members and Top Management;
(3) Act as an observer in selected committees established to develop new systems or processes. Internal Audit Section has to provides consulting services related to internal control processes and it does not hinder this Section from auditing the scopes related to the systems or processes involved;
(4) Perform its functions based on the following principles:
The Internal Audit Section serves as an independent and objective function in carrying out its responsibilities.
(a) Independence is freedom from situations that threaten the ability of the internal audit activity to carry out internal audit responsibilities in an unbiased manner. The Head of Internal Audit Section has direct access and is not restricted to Commission Members and Top Management; and
(b) Objectivity is an unbiased attitude that allows internal auditors to perform engagements in such a manner that they believe in their work product and that no quality compromises are made. The Internal Audit Section must make a balanced assessment of all the relevant circumstances and not be unduly influenced by their own interests or by others in forming judgements.