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AND AUDIT Financial Reporting
The Board is aware of its responsibilities to shareholders and the requirement to present a balanced and comprehensive assessment of the Group’s financial position and prospects. In this regard, the Directors are responsible for the preparation of financial statements that give a true and fair view of the state of affairs of the Group at the end of the financial year.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Group to enable them to ensure that the
financial statements comply with the Companies Act, 1965 and approved Accounting Standards in Malaysia. The Directors are also responsible for safeguarding the assets of the Group and for
taking reasonable steps for the prevention and detection of fraud and other irregularities.
Internal Control
The Board recognizes the importance of maintaining a sound system of internal control for the Group in order to safeguard shareholders' interest of the Group's assets.
The Statement on Internal Control on page 052 of the Annual Report provides an overview on the state of internal control within the Group.
Audit and Risk Management Committee
he details are shown in the accompanying report of the Audit and Risk Management Committee on pages 52 to 54.
Relationship with the External Auditors
The Group has always maintained a close, transparent and professional relationship with its External Auditors i.e Messrs KPMG in seeking professional advice and ensuring compliance with the accounting standards in Malaysia as well as the auditors’ professional requirements. Messrs KPMG has continued to report to shareholders of the Company on its opinion which is included
as part of the Group’s financial reports with respect to their audit on each year’s statutory financial statements. The external auditors also highlighted to the Audit and Risk Management Committee and Board of Directors on matters that require their attention. The Audit and Risk Management Committee held two meetings with the External Auditors without the presence of the management during the financial year under review.
Internal Audit
The Group has established an internal audit function which is
performed in-house by the Group Internal Audit Department that
reports to the Audit and Risk Management Committee.
The Audit and Risk Management Committee reviews and
approves the audit plan which identifies the scope of work for the year.
Directors' Responsibilities in Relation to the Preparation of
the Audited Financial Statements
The Directors are required by the Companies Act, 1965 to prepare financial statements which are in accordance with applicable approved accounting standards and give a true and fair view of the state of affairs of the Group and the Company at the end of thefinancial period and of the results and cash flow of the Group and the Company for the financial period.
In preparing the financial statements, the Directors have:
- Adopted suitable accounting policies and applied them consistently;
- Made judgements and estimates that are prudent and reasonable;
- Ensured that applicable accounting standards have been followed; and
- Prepared the financial statements on going concern basis.
The Directors have prepared the annual financial statements in compliance with Companies Act, 1965.
Whistle-Blowing Policy
As part of best practices in good corporate governance, the
Group has established a "Whistle-Blowing" policy.
This policy is to encourage employees to report any major
concerns over any wrongdoing within the Group relating to
unlawful conduct, financial malpractice or dangers to the public
or the environment. In this respect, the policy makes it clear that
any such concern can be raised without fear of victimisation,
recrimination, discrimination or disadvantage to the employee
reporting the concern. It provides a formal channel to encourage
and enable employees to report serious concerns so that such
concerns can be properly addressed.
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