SECTION 3: OUR GOVERNANCE 136 The Board via the Audit and Risk Management Committee has reviewed and approved the internal audit plan, which was proposed by the Internal Auditors based on the requirements of the Audit and Risk Management Committee, as well as the Group’s risk register. The Internal Auditors have conducted an internal audit on the Group’s finance and accounting functions in Malaysia and Singapore under MST Golf Sdn. Bhd. and MST Golf (Singapore) Pte Ltd respectively. BOARD ASSURANCE In accordance with the Bursa Securities’ Guidelines, the Management is responsible to the Board for identifying risks relevant to the business of the Group’s objectives and strategies; implementing and maintaining sound systems of risk management and internal control; and monitoring and reporting to the Board of significant control deficiencies and changes in risks that could significantly affect the Group’s achievement of its objective and performance. In producing this Statement, the Board has received assurance from the Group’s Chief Executive Officer and Chief Financial Officer to the best of their knowledge, the Group’s risk management and internal control systems are operating adequately and effectively, in all material aspects. The Board confirms that in the financial year ended 31 December 2023: The process of identifying, evaluating and managing significant risks in the Group is ongoing. 1 There were no material losses resulting from significant internal control weaknesses. 2 It is satisfied that the existing systems of risk management and internal control are effective and efficient in enabling the Group to achieve its business objectives. 3 The Group’s risk management processes and internal control procedures will be continuously improved in line with the evolving business development. 4 This Statement was issued in accordance with a resolution of the Board, approved on 17 April 2024. REVIEW OF THE STATEMENT BY THE EXTERNAL AUDITORS The External Auditors have reviewed this Statement in accordance with Paragraph 15.23 of the Main Market Listing Requirements of Bursa Securities. Their review has been conducted in accordance with the scope as set out in the Audit and Assurance Practice Guide 3 - Guidance for Auditors on Engagements to Report on the Statement on Risk Management and Internal Control included in the Annual Report, issued by the Malaysian Institute of Accountants to assess whether this Statement is both supported by the documentation prepared by or for the Directors and appropriately reflects the process which the Directors have adopted in reviewing the adequacy and integrity of the system of internal control for the Group. Based on their review, the external auditors have reported to the Board that nothing has come to their attention which causes them to be of the opinion that this Statement is inconsistent with their understanding of the reviewing process adopted by the Board for the adequacy and integrity of internal control of the Group. STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL
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