BIMB Integrated Annual Report 2017

65 subsidiaries were tabled to the AEC for deliberation. Managements were present at the AEC meetings to respond and provide feedback on the progress of business process improvement opportunities identified by IAD. Minutes of the AEC meetings are subsequently tabled to the Board for notation. The AEC reviewed the adequacy and relevance of the scope, functions, resources, procedures, risk based internal audit plans and results of the internal audit processes, with the IAD. The Internal Audit would submit the Internal Audit Plan to be reviewed by the AEC. The audit plan which covers the audit scope, methodology and practices, timing and resources, assessment of risk, comparison of actual versus budgeted time spent on assignments and audit fee. During the Financial Year under review, IAD issued four (4) reports and one (1) follow-up audits on corrective actions. The areas reviewed include procurement, finance, corporate governance, human resources, operations, information technology, investments, corporate strategy, media and communication and risk management. The internal audit functions of BHB’s subsidiaries namely, Bank Islam and Takaful Malaysia are carried out by their respective internal audit divisions.