FEES PAID AND PAYABLE TO THE EXTERNAL AUDITOR The fees paid/payable to the External Auditor, PwC, in 2024 were as follows: FEES PAID/PAYABLE TO PwC IN 2024 RM’000 Audit Fees • PwC Malaysia 4,467 • Member firms of PwC International Limited (PwCIL) 985 Other assurance and non-audit services fees • PwC Malaysia 1,471 • Other non-audit fees paid to PwC Malaysia 595 Total 7,518 GROUP INTERNAL AUDIT FGV has an in-house Group Internal Audit (GIA) function that operates according to the GIA Charter, established in alignment with the requirements of the International Professional Practices Framework (IPPF) and approved by the Audit Committee (AC). The GIA reports functionally to the AC and administratively to the GCEO. It adheres to the IPPF, as confirmed through an external Quality Assurance Review conducted every five years, with the most recent review completed in 2024. The details of the Chief Internal Auditor, the person responsible for the internal audit, can be found on page 179 of the Report. GIA is progressing towards aligning with the new Global Internal Audit Standards, which came into effect on 9 January 2025. This alignment aims to enhance GIA’s capacity to strengthen the organization’s ability to create, protect, and sustain value by providing the Board and Management with independent, risk-based, and objective assurance, advice, insight, and foresight. As of 31 December 2024, there were 54 internal auditors covering the Group’s activities. The qualifications, professional status, ongoing development, and training of the internal auditors, along with their independence and objectivity, are disclosed in Practice 11.1 and 11.2 of the CG Report 2024. Continuous development and training initiatives are undertaken to enhance and align the internal auditors’ competencies and knowledge with emerging risks and audit requirements. GIA’s commitment to development and training was recognized by the Institute of Internal Auditors Malaysia, which conferred an award for ‘Exemplary Engagement’. The total cost incurred by GIA for 2024 was RM 8.7 million (FY2023: RM10.2million). This amount consists mainly of staff costs and benefits, travel expenses, and the operating costs of the GIA management system. EFFECTIVE AUDIT AND RISK MANAGEMENT 217 Sec 07 SUSTAINING VALUE THROUGH GOOD GOVERNANCE (CORPORATE GOVERNANCE OVERVIEW STATEMENT)
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