Accountability and Audit

Financial Reporting

The Board aims to convey a balanced and understandable assessment of the Group’s performance and prospects in its quarterly announcements, annual reports and other public reports to the shareholders. The Board retains the responsibility for the preparation of the Group’s and Company’s financial statements. The Directors are required by the Companies Act, 1965 to prepare the Group’s and the Company’s statutory financial statements with all material disclosures, to ensure the accuracy and completeness, in compliance with MASB approved accounting standards in Malaysia for Entities Other Than Private Entities, as well as the rules and regulations under the said Act. In order to properly achieve this, the ARMC assists the Board in over-seeing the Group’s financial reporting process and the quality of its financial reporting.

The Statement by Directors pursuant to Section 169(15) of the Companies Act, 1965, in relation to the preparation of the financial statements is set out on page 131 of the Annual Report.

 

Risk Management and Internal Controls

The Board continues to maintain and review its risk management process and internal control procedures to ensure a sound system of risk management and internal control to safeguard shareholder’s investments and the assets of the Company and the Group. In discharging its duties in ensuring the effectiveness of the Group’s systems of risk management and internal control, the Board has entrusted this responsibility to the ARMC. The scope and results of the ARMC’s review are detailed in the Internal Control Statement as set out on pages 53 to 56 of the Annual Report. 

 

Relationship with Auditors

The Board, through the ARMC, has a professional and transparent relationship with both the Group’s internal and external auditors. The internal auditors attend all ARMC meetings held on a quarterly basis and the external auditors attend the ARMC meeting twice during the financial year. Disclosure of non-audit fees is included under Additional Compliance Information as set out on page 134 of the Annual Report. Other facets of the relationship between the ARMC and both the internal and external auditors are elaborated in the Audit and Risk Management Committee Report as set out on pages 57 to 60 of the Annual Report.