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ANNUAL REPORT 2015
Internal Audit
The Group internal audit function provides the Board, through the Audit Committee (“AC”), with independent assurance
in regard to the adequacy & effectiveness of risk management, internal control and governance processes of the Group.
The Group internal audit function assists in discharging the AC’s duties and responsibilities by implementing a systematic
and disciplined approach to review the operations and business processes using a risk-based methodology in performing
the internal audit assignments. Comprehensive internal audit reports are produced to highlight audit findings and
recommendations to the management for their comments and a follow-up will be carried out to ensure its compliance to
the agreed action plan.
Significant audit findings are presented and deliberated by the AC on a quarterly basis or as appropriate.
Board Review
The Board is of the opinion that the risk management and internal control system that is in place for the year under review
and up to the date of approval of this Statement is effective and adequate to safeguard the interests of the Group’s
stakeholders, their investments and the Group’s assets.
There were no material losses incurred during the year under review as a result of weaknesses in the internal control.
The management has taken the necessary measures to improve the risks management and internal control system by
continuously monitoring and considering all risks faced by the Group to ensure that the significant risks are within acceptable
levels in relation to the Group’s business objectives.
The statement is made in accordance with a resolution of the Board of Directors dated 20 October 2015.
Statement on Risk Management and Internal Control (cont’d)
