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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 Audit
Committee and approved by the Board prior to their release to the regulators.
The Statement by Directors pursuant to Section 169 on the Companies Act, 1965 is set out on page 87.
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 23 and 24
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 the 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 25 to 29 of the Annual Report.
The Audit Committee members had met two times with the external auditors and four times with the internal auditors without
the presence of Executive Board members and Management during the financial year.
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