76 Annual Report 2021 Risk Management Framework (Cont’d) (b) reviewed the Group’s quarterly financial and non-financial performances measured against the approved budget with major variances being reviewed and management actions taken as necessary; (c) reported its findings on major issues relating to risks and risk management to the Audit Committee on quarterly basis which then reports to the Board; (d) reviewed new property development projects and business investment in the subsidiaries; (e) reviewed on a quarterly basis the property development outlook with appropriate product differentiation and pricing to suit the market demand; and (f) monitored financial performances and the progress of corrective actions/implementation for highlighted issues. Internal Audit Function During the financial year, the Audit Committee worked closely with the Internal Audit team, distinct from the external auditors, to provide independent internal audit services to the Group, who reports independently to the Audit Committee. The internal audit function provides the Audit Committee with quarterly reports, based on the audits conducted, highlighting observations, recommendations and management action plans to improve the internal control system and contribute towards improving the Group’s risk management. The key role of the internal audit function is to assess management’s adherence to establish policies and procedures as well as to act as an independent sounding board to the Audit Committee concerning areas of weaknesses or deficiencies in the risk management, governance and control processes for appropriate remedial measures to be carried out by the management. Review By The External Auditors As required by Paragraph 15.23 of Bursa Securities’ Main Market Listing Requirements, the external auditors have conducted a limited assurance engagement on this Statement on Risk Management and Internal Control. Their limited assurance engagement was performed in accordance with Malaysian Approved Standard on Assurance Engagements, International Standard on Assurance Engagements, ISAE 3000, Assurance Engagements other than Audits or Reviews of Historical Financial Information and Audit and Assurance Practice Guide 3 (“AAPG 3”): Guidance for Auditors on Engagements to Report on the Statement of Risk Management and Internal Control included in the Annual Report. Statement on Risk Management and Internal Control
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