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Datasonic Group Berhad
(Company No. 809759-X)
39
STATEMENT ON CORPORATE GOVERNANCE
(Continued)
5.
UPHOLD INTEGRITY IN FINANCIAL REPORTING
5.1 Compliance with Applicable Financial Reporting Standards
The Board takes responsibility to provide balanced and meaningful assessment of the Group’s
financial performance and position at the end of each financial year, primarily through
the annual financial statements of account of the Company and of the Group, quarterly
management report and accounts and quarterly announcement of consolidated results to
Bursa Malaysia.
The Board is assisted by the Audit Committee and the Chief Financial Officer in overseeing and
governing the Group’s financial reporting processes and the quality of its financial reporting.
Details of the activities carried out by the Audit Committee for the financial period under review
are set out separately in this Annual Report.
5.2 Assessment of Suitability and Independence of External Auditors
As one of its functions stated above, the Audit Committee undertakes an annual assessment
of the External Auditors to gauge their performance, suitability and independence. Based on
the results of this assessment, the Audit Committee shall make a recommendation to the Board
for their re-appointment or termination.
In this regard, the Audit Committee had assessed the performance and independence of
Messrs Crowe Horwath as External Auditors of the Company as well as reviewed the non-audit
services provided by themduring the financial year under review. The Board approved the Audit
Committee’s recommendation for the re-appointment of Messrs Crowe Horwath as External
Auditors of the Company at the Annual General Meeting.
6.
RECOGNISE AND MANAGE RISK
6.1 Sound Framework to Manage Risks
The Board is responsible for ensuring that risks and also opportunities are identified on a timely
basis to continuously safeguard the shareholders’ investment and the Group’s assets. The
Board is assisted by the Executive Committee, Management Committee and PPMO who are
responsible to perform continuous review and monitor the adequacy and effectiveness of risk
mitigation plans and internal control procedures of the key risks.
The Board uphold their ongoing commitment to the effective implementation of Enterprise Risk
Management Framework of the Group, with the aim of providing a consistent approach for
risk management processes and facilitating a reasonably accurate perception of acceptable
risks by all employees.
The Statement on Risk Management and Internal Control made pursuant to Paragraph 15.26(b)
of the MMLR of Bursa Malaysia is separately set out in this Annual Report.
6.2 Internal Audit function
The Internal Audit function is led by the Chief Internal Auditor who reports directly to the Audit
Committee.
Details of the Group’s internal control systems are set out separately in the Statement on Risk
Management and Internal Control and the Audit Committee Report of this Annual Report.