• Ensured Internal Audit programmes covered identified principal risks. Audit findings throughout the financial period served as key feedback to validate effectiveness of risk management activities and embedded internal controls. • Reviewed implementation progress of actionable programmes, and evaluated post-implementation effectiveness. • Reviewed the adequacy of all business resumption and contingency plans, and their readiness for rapid deployment. The review includes the following:- • Regular Internal Audit reports which are tabled quarterly to Board of Directors and the Risk Management Committee. • Bi-annual risk reviews compiled by the respective units’ risk owners, which are then presented and discussed with the Risk Management Committee, the Board and Internal Auditors. • Operating unit’s response to the risk analysis conducted on areas of weakness . The findings arising from the above reviews have been reported to Management for their response and subsequently for Audit Committee deliberation. REVIEW OF THE STATEMENT BY EXTERNAL AUDITORS The External Auditors have reviewed this Statement on Risk Management and Internal Control pursuant to the scope set out in Audit and Assurance Practice Guide (“AAPG”) 3 issued by the Malaysian Institute of Accountants (“MIA”) for inclusion in this Integrated Annual Report 2023 and reported to the Board that nothing has come to their attention that causes them to believe that the Statement is inconsistent with their understanding of the processes adopted by the Board in reviewing the adequacy and effectiveness of risk management and internal control within the Group. AAPG 3 does not require the External Auditors to consider whether the Director’s Statement on Risk Management and Internal Control covers all risks and controls, or to form an opinion on the adequacy and effectiveness of the Group’s risk management and internal control system including the assessment and opinion by the Directors and management thereon. AAPG 3 also does not require the External Auditors to consider whether the processes described to deal with material internal control aspects of any significant matters disclosed in the Annual Report will, in fact, mitigate the risks identified or remedy the potential problems. CONCLUSION The Board is satisfied with the adequacy and effectiveness of the Group’s risk management and internal control system. The Board has received assurance from the Group Managing Director and Chief Financial Officer that the Group’s risk management and internal control system, in all material aspects, is operating adequately and effectively. For the financial year under review, there were no material control failures or adverse compliance events that have directly resulted in any material loss to the Group. This statement is made in accordance with a resolution of the Board of Directors dated 21 June 2023. STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 127
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