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Accountability and Audit |
1) Financial Reporting
The Board acknowledges its responsibilities to ensure that there is a clear, balanced and understandable assessment of the Company’s and Group’s financial position and prospects in its quarterly financial and annual reports.
The Board ensures that financial statements are prepared in accordance with the applicable approved Financial Reporting Standards issued by the Malaysian Accounting Standards Board and the provisions of the Companies Act, 1965 so as to give a true and fair view of the state of affairs of the Group and Company as at the end of the financial year and of the results of their operations and cash flows for the year ended on that date.
In preparing financial statements, the Group had used the appropriate accounting policies, made reasonable and prudent judgments and estimates, and applied them consistently. Quarterly and annual financial statements are reviewed by the Audi Committee and approved by the Board prior to releasing to the public. The Directors are satisfied with the preparation of the financial statements of the Group and the Company for the financial year ended 30 June 2009.
The Statement by Directors pursuant to section 169 on the Companies Act, 1965 is set out on page 77.
2) Internal Control
The Board is responsible for the Group’s system of internal controls encompassing financial, operational and compliance controls as well as risk management. An overview of the internal control system to safeguard shareholders’ investment and the Group’s assets is set out in the Statement on Internal Control on pages 22 and 23.
3) Relationship with the Auditors
The Board has established an Audit Committee, committed to maintain a formal and transparent relationship with the Group’s auditors, both internal and external. All the Audit Committee members are financially literate Independent Non-Executive Directors. The Audit Committee Chairman is a member of Malaysian Institute of Accountants. The terms of reference, summary of activities and number of meetings held and attendance of each member can be found in the Audit Committee Report on pages 24 to 28 of the Annual Report.
The Audit Committee members had also met twice during the year with the external auditors without the executive Board members and Management staff present, and similarly once with the internal auditors.
This statement is made in accordance with the resolution of the Board of Directors dated 25 August 2009.
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