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Corporate Governance

The Malaysian Code on Corporate Governance (“MCCG”) is issued by the Securities Commission Malaysia on 26 April 2017 with immediate effect and listed issuers are required to report their application of their corporate governance (“CG”) practices in their annual reports.

Consequent to the issuance of the MCCG, Bursa Malaysia reviewed its Listing Requirements to reflect the new CG disclosure and reporting requirements under the Comprehend, Apply and Report (“CARE”) approach as well as the enhancement to the oversight role of audit committee in respect of their internal audit functions.

It can be seen that in the recent years, authorities and regulators are  emphasising on the importance of a sound CG structure in order to mitigate major financial scandals and move forward for the economics of Malaysia. As one of the leading internal audit firm in Malaysia, we offer various services revolving around CG to assist your business as follow:

Core of Corporate Governance – Internal Audit

Internal audit is always a key component in corporate governance. In recent years, there is even a rising opportunity to enhance the process by incorporating AI elements with internal audit. However, as the idea is still an emerging concept, professional chartered accountants at IBDC are still your preferred choice. Our core competence in corporate governance has enabled us to go straight to the root of the issues affecting your organisation. Our risk-based approach will focus on identifying the inherent risks within the control environment, and assess the operating effectiveness of the client’s internal controls in accordance with the relevant guidelines stated in International Professional Practices Framework 2017.

Our team members will work closely with you to provide sound improvement advises that are genuine value-added, and closely follow-up with you on the implementation to ensure you gain the competitive edge.

Enterprise Risk Management (“ERM”)

Risk-taking is never a bad thing, but a good approach is you should always take calculated risks, and having a structured risk management framework is crucial to the improvement of your enterprise and shareholder’s value.

Our Enterprise Risk Management (ERM) framework will assists you with risk identification, assessment, mitigation and monitoring measures that would assist you to reduce the risk down to an acceptable and reasonable level. In addition, we provide recommendations of improvement via fostering risk awareness and its consequences among your team members in order to enhance your business performance and efficiency.

Corporate Governance Reporting

In conjunction to the introduction of MCCG by the Securities Commission Malaysia, Bursa Malaysia has also introduced the CARE approach of CG reporting requirement under their Listing Requirements.

Our team of professional consultants are able to assist you in appraising your company’s CG framework in accordance to the prescribed format as set out by the Bursa Malaysia, based on the MCCG’s 3 principles, 12  intended outcome and 36 practices.

Our approach are guided by the Corporate Governance Guide issued by the Bursa Malaysia, and ensuring your CG reporting complies to the Bursa Malaysia’s Listing Requirements.

Corporate Governance Review

Our corporate governance review will be unique and customised to each and every client’s needs depending on factors such as the organisation’s ownership, legal structure, regulatory environment, culture and the outcomes sought in undertaking a review.

Areas of focus in a corporate governance review may include but not limited to:

  • Determining if the current corporate governance system adds value or burdens the organisation;
  • Addressing specific issues of concern with the current corporate governance structure such as number or type of board committees;
  • Alignment of the corporate governance system with an existing or new strategic direction;
  • Adoption of leading practice governance in terms of policies and procedures (documentation review);
  • Compliance with national and international codes and standards.

Our review will also provide recommended measures to ensure that a sound corporate structure and practices are in place.

Internal Control Review (“ICR”)

Often confused with Internal Audit, ICR is an overall assessment of the internal control system and its adequacy of each business area in an organisation to address the relevant risks. Through control review, an organisation’s resources are directed, monitored, and measured in an effective manner.

The Committee of Sponsoring Organisations of the Treadway Commission (“COSO”) framework defines internal control as “a process effected by an entity’s Board of Directors (“Board”), management and other personnel, designed to provide reasonable assurance of achieving effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations.

ICR assumes greater importance in the light of current economic downturn. Monitoring and assessment of internal controls across various functions is performed through continuous evaluations to ensure the implemented internal control system is effective as intended by the Board. The assessment facilitates identification of internal control deficiencies for further corrective actions.

企业治理

马来西亚企业治理准则(“Malaysian Code on Corporate Governance”或“MCCG”)是由马来西亚证券委员会(“Securities Commission Malaysia”)于2017年4月26日发布且即日生效,上市集团须在其年度报告中公布它们所采纳的企业治理方案。

其次,马来西亚证券交易所(“Bursa Malaysia”)也修改了其上市需求条文,以响应新的马来西亚企业治理准则,按照“理解、践行、公布”(“Comprehend, Apply and Report”或“CARE”)方式而成立了一个新的公布需求,以及提升了审计委员会在内部审计职能方面所执行的监督任务。

近年来,我们可看得出有关当局和监管机构都正在强调健全企业治理结构的重要性,以降低重大财务丑闻的风险,并推动马来西亚的经济发展。IBDC可以协助您的业务并提供以下与企业治理相关的服务:

内部审计

内部审计是IBDC在企业治理方面的核心竞争领域之一。因此,我们能够快速并准确地对症下药。我们采用基于风险的方式,侧重于识别内部控制环境中的固有风险,并根据2017年国际专业实践框架(“International Professional Practices Framework 2017”)中所述的相关指南为客户评估他们的内部控制系统的运营有效性。

我们的团队成员将与您密切合作,提供健全并有效的改善建议,并密切跟进您的实施情况,以确保您获得竞争优势。

企业风险管理

承担风险并不是件坏事,但在您作出决定前应该先进行有效风险评估,并设立结构化的风险管理框架以提高您企业和股东的利益。

我们的企业风险管理框架将帮助您进行风险识别、评估、缓解和监测,帮助您将风险降低到一个可接受的合理水平。此外,我们建议在您组织的管理层和运作团队培养风险意识及强调其后果,以提高您企业的绩效和效率。

企业治理报告

在马来西亚证券委员会引入MCCG的同时,马来西亚证券交易所也修改了其上市需求条文,落实了以CARE方式而成立的企业治理报告的公布需求。

我们的专业咨询团队将根据马来西亚证券交易所所规定的格式,以及MCCG所提到的3项原则,12项预期成果和36项实践要求,协助您评估当前的企业治理框架并准备所需的报告。

我们的评估方式将根据马来西亚证券交易所发布的“公司治理指南”(“Corporate Governance Guide”)为指导,以确保您的企业治理报告将会符合马来西亚证券交易所的上市需求。

企业治理审阅

取决于不同组织的所有权结构、法律结构、监管环境、企业文化、预期成果等因素,我们将会依据每个客户独特的需求而进行量身定制的审阅。

企业治理审阅包括但不限于以下的领域:

  • 评估当前的企业治理制度对组织的影响是利与弊;
  • 解决当前企业治理结构有关的具体问题,例如董事会委员会的数量或类型;
  • 使当前的企业治理制度与目前或新的企业策略方向达到一致;
  • 针对于业务管理政策和程序的方面采纳最佳的企业治理方案与实践(文件审查);
  • 遵守国内与国际的守则和标准。

我们的审阅也会为您建议相关的措施,以确保您能够建立一个健全的企业结构和实施方案。

内部控制评估

经常会与内部审计混淆,其实内部控制评估是针对内部控制系统以及其与组织里各个业务范围的适当度而进行一个综合评估,以处理相关风险。通过内部控制评估,一个组织的资源可以有效率地被应用,监控和衡量。

特雷德韦委托赞助组织委员会(“Committee of Sponsoring Organisations of the Treadway Commission”或“COSO”)框架将内部控制定义为 “由一个组织的董事会,管理层以及其他相关人员所影响的一个流程,旨在为运作的有效性和效率,财务报告的可靠性,以及为适用法律法规的遵守情况提供合理的保障。”

鉴于经济衰退形势,内部控制评估变得更为重要。通过持续的评估来监控和审查各项职能的内部控制过程,以确保整体内部控制系统的有效性符合董事会的预期结果。内部控制评估有助于识别内部控制的缺陷,以便采取进一步的纠正措施。