156 B. EFFECTIVE AUDIT AND RISK MANAGEMENT (CONT’D) II. Risk Management and Internal Control Framework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he Board has delegated its responsibility for reviewing the effectiveness of the Group’s internal control systems UP UIF 3.$ 5IJT JODMVEFT PWFSTJHIU PG BMM NBUFSJBM DPOUSPMT TVDI BT àOBODJBM PQFSBUJPOBM DPNQMJBODF BOE SJTL management systems. The RMC is further supported by various sources of internal assurance within the Group to assess the adequacy and effectiveness of existing risk controls. 5P JNQMFNFOU BO JOUFSOBM BVEJU GVODUJPO UIF (SPVQ IBT PVUTPVSDFE UIJT GVODUJPO BT UIF NPTU DPTU FGGFDUJWF TPMVUJPO 'PS UIF ': UIF JOEFQFOEFOU UIJSE QBSUZ TFSWJDF QSPWJEFS GPS UIF JOUFSOBM BVEJU TFSWJDFT XBT 7BFSTB Advisory Sdn. Bhd. (“Vaersa” or “Internal Auditorsu XIJDI SFQPSUFE EJSFDUMZ UP UIF "$ BT TQFDJàFE JO UIF 5FSNT of Reference of the AC. The Internal Auditors perform their functions in accordance with the annual Internal Audit 1MBO BQQSPWFE CZ UIF "$ 7BFSTB IBT BQQSPYJNBUFMZ UISFF BVEJU QFSTPOOFM BTTJTUJOH UIF QFSTPO SFTQPOTJCMF for the internal audit. Details of the person responsible for the internal audit are as follows: Name : Ramnath R Sundaram Qualification : Associate of Chartered Certified Accountant Independence : /P GBNJMZ SFMBUJPOTIJQ XJUI BOZ %JSFDUPS BOE PS NBKPS TIBSFIPMEFS PG UIF Company Public Sanction or penalty : No convictions for any offences within the past 5 years (other than traffic PGGFODFT JG BOZ BOE OP QVCMJD TBODUJPOT PS QFOBMUJFT CZ UIF SFMFWBOU regulatory bodies during the financial year. Further information can be found in the Risk Management and Internal Control Statement and the Management Discussion and Analysis included in this IAR2024. C. INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH STAKEHOLDERS I. Communication with stakeholders The Board recognises that effective communication with stakeholders is essential to the Group’s sustainability. "DDPSEJOHMZ TUBLFIPMEFST BSF JOGPSNFE PG BMM NBUFSJBM CVTJOFTT FWFOUT BOE SJTLT JO B GBDUVBM UJNFMZ BOE XJEFMZ accessible manner. The Board has formalised a Corporate Disclosure Policy and Procedure not only to comply XJUI UIF EJTDMPTVSF SFRVJSFNFOUT TUJQVMBUFE JO UIF ..-3 PG #VSTB 4FDVSJUJFT CVU BMTP UP EFTJHOBUF JOEJWJEVBMT authorised to approve and disclose material information to stakeholders. The Board acknowledges the importance of fostering effective two-way communication with investors and BOBMZTUT UP FOIBODF UIFJS VOEFSTUBOEJOH PG UIF (SPVQ T WJTJPO TUSBUFHJFT EFWFMPQNFOUT BOE àOBODJBM QSPTQFDUT " WBSJFUZ PG FOHBHFNFOU JOJUJBUJWFT JODMVEJOH EJSFDU NFFUJOHT BOE EJBMPHVFT XJUI TUBLFIPMEFST BSF DPOEVDUFE regularly to strengthen mutual understanding. 5IF (SPVQ QSPNQUMZ EJTTFNJOBUFT JUT àOBODJBM QFSGPSNBODF NBKPS DPSQPSBUF EFWFMPQNFOUT BOE PUIFS SFMFWBOU JOGPSNBUJPO UP TIBSFIPMEFST BOE JOWFTUPST UISPVHI RVBSUFSMZ SFTVMUT BOOPVODFNFOUT UIF BOOVBM SFQPSU DPSQPSBUF BOOPVODFNFOUT UP #VSTB 4FDVSJUJFT BOE QSFTT DPOGFSFODFT *U JT UIF (SPVQ T QSBDUJDF UP FOTVSF UIBU BMM NBUFSJBM JOGPSNBUJPO GPS QVCMJD EJTDMPTVSF JODMVEJOH BOOVBM BOE RVBSUFSMZ àOBODJBM TUBUFNFOUT QSFTT SFMFBTFT BOE QSFTFOUBUJPOT UP JOWFTUPST BOBMZTUT BOE UIF NFEJB JT GBDUVBM SFWJFXFE JOUFSOBMMZ GPS BDDVSBDZ BOE FYQSFTTFE JO a clear and objective manner. CORPORATE GOVERNANCE STATEMENT (cont’d)
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