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ANNUAL REPORT 2015
5.2 Suitability and Independence of External Auditors
The Board has established procedures, via the Audit Committee, to assess the external auditors’ suitability
and independence annually based on the criteria set out in the Auditor Independence Policy.
The procedures, among others, include provision of a written assurance by the external auditors, confirming
that they are, and have been, independent throughout the conduct of audit engagement with the Company
in accordance with the By-laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of
Accountants.
The Audit Committee, having assessed the independence of Messrs Ernst & Young as well as reviewed the
level of non-audit services rendered by them for the financial year ended 30 June 2015 was satisfied with
their competency and independence. The Audit Committee has recommended their re-appointment and
shareholders’ approval will be sought at the forthcoming AGM.
6.
RECOGNISE AND MANAGE RISKS
6.1 Risk Management and Internal Control
The ultimate responsibility for ensuring a sound system of risk management and internal control lies with
the Board. The Group’s system of risk management and internal control is designed to manage rather than
eliminate the risk of failure to achieve the Group’s business objectives as well as to safeguard shareholders’
investments and the Group’s assets.
The Statement on Risk Management and Internal Control on pages 33 to 35 of this Annual Report provides
an overview of the state of risk management and internal controls within the Group.
6.2 Internal Audit Function
The Company has a dedicated internal audit function which provides independent and objective assurance
on the adequacy and effectiveness of risk management, internal controls and governance processes covering
all operations where the Group has management control. Details of the activities of the Internal Audit Function
are set out in the Audit Committee Report of this Annual Report.
7.
ENSURE TIMELY AND HIGH QUALITY DISCLOSURE
7.1 Corporate Disclosure Policy
The Company is committed to promoting investor confidence by ensuring that material information concerning
the Company are disclosed to the investing public timely and takes reasonable steps to ensure that those who
invest in its securities enjoy equal access to such information.
To safeguard effective dissemination of information, the Company’s internal Corporate Disclosure Policy and
Procedure (CDPP) sets out roles and responsibilities of directors, management, employees and all other relevant
persons in the handling and disclosure of material information to shareholders and market participants. It also
serves to ensure that communications to the investing public about the Company are made in accordance
with the continuous disclosure obligations imposed by the Listing Requirements of Bursa Securities and other
securities law.
The Company views briefings with investors, analysts and media as important parts of a pro-active investor
relations strategy. The Investor Relations Team communicates with shareholders, prospective investors,
stakeholders and public generally with the intention of giving them a clear picture of the Group’s performance
and operations.
statemeNt on corporate governance (cont’d)
