165 GOVERNANCE ASSURANCE 5IF #PBSE TVQQPSUFE CZ BTTVSBODFT GSPN UIF (SPVQ .BOBHJOH %JSFDUPS $IJFG 'JOBODJBM 0GàDFS BOE PUIFS SFMFWBOU BTTVSBODF QSPWJEFST FYQSFTTFT DPOàEFODF JO UIF FGGFDUJWF BOE FGàDJFOU GVODUJPOJOH PG UIF (SPVQ T SJTL NBOBHFNFOU and internal control processes in all material aspects. This confidence provides reasonable assurance that the Group’s BTTFUT BSF TBGFHVBSEFE BOE UIF JOUFSFTUT PG TIBSFIPMEFST BOE DVTUPNFST BSF QSPUFDUFE )PXFWFS JU JT JNQPSUBOU UP SFDPHOJ[F UIBU FWFSZ SJTL NBOBHFNFOU BOE JOUFSOBM DPOUSPM TZTUFN IBT JOIFSFOU MJNJUBUJPOT 8IJMF UIFTF TZTUFNT BSF EFTJHOFE UP NJUJHBUF SJTLT UIFZ DBOOPU QSPWJEF BCTPMVUF BTTVSBODF BHBJOTU NBUFSJBM NJTTUBUFNFOUT MPTTFT DPOUJOHFODJFT GSBVE PS JSSFHVMBSJUJFT %FTQJUF UIFTF MJNJUBUJPOT UIF #PBSE SFNBJOT DPNNJUUFE to continuously improving and strengthening the Group’s risk management and internal control framework to mitigate potential risks and uphold the highest standards of governance and accountability. CONTINUOUS ASSESSMENT AND ENHANCEMENT The Board knowledges the critical importance of continually assessing and improving the Group’s risk management BOE JOUFSOBM DPOUSPM QSBDUJDFT BOE QSPDFTTFT *O MJOF XJUI UIJT DPNNJUNFOU UIF #PBSE XJMM NBJOUBJO WJHJMBOU PWFSTJHIU PG UIF (SPVQ T SJTL NBOBHFNFOU BOE JOUFSOBM DPOUSPM GSBNFXPSL "EEJUJPOBMMZ UIF #PBSE XJMM VOEFSUBLF SFHVMBS SFWJFXT and assessments to gauge the adequacy and effectiveness of the Group’s risk management and internal control practices and processes. These ongoing efforts are designed to ensure that the Group’s risk management and internal control practices remain SFMFWBOU BOE FGGFDUJWF JO BEESFTTJOH UIF FWPMWJOH SJTLT GBDFE CZ UIF PSHBOJ[BUJPO 5ISPVHI QSPBDUJWF BOE WJHJMBOU NFBTVSFT UIF #PBSE BJNT UP VQIPME UIF IJHIFTU TUBOEBSET PG HPWFSOBODF BOE QSPUFDU UIF JOUFSFTUT PG BMM TUBLFIPMEFST CONCLUSION 5IJT 4UBUFNFOU QSPWJEFT BO PWFSWJFX PG UIF (SPVQ T TZTUFN PG SJTL NBOBHFNFOU BOE JOUFSOBM DPOUSPM EFUBJMJOH UIF QSPDFTTFT BOE QSPDFEVSFT JNQMFNFOUFE UP JEFOUJGZ BTTFTT BOE NBOBHF SJTLT *U BMTP IJHIMJHIUT UIF SPMFT PG UIF "$ and Vaersa in reviewing and reporting on the effectiveness of these controls. 5IF 4UBUFNFOU BDLOPXMFEHFT UIBU UIF (SPVQ PQFSBUFT JO B EZOBNJD BOE DIBMMFOHJOH CVTJOFTT FOWJSPONFOU necessitating the continuous evolution of its risk management and internal control systems to meet emerging challenges. The Board remains committed to taking appropriate action to enhance the Group’s system of risk management and internal controls whenever necessary. It is also important to note that the Group’s risk management and internal control systems do not extend to its BTTPDJBUF DPNQBOJFT )PXFWFS UIF (SPVQ T JOUFSFTUT JO UIFTF DPNQBOJFT BSF NPOJUPSFE UISPVHI #PBSE SFQSFTFOUBUJPO and periodic review of their management accounts. 0WFSBMM UIJT 4UBUFNFOU QSPWJEFT B SFBTPOBCMF MFWFM PG BTTVSBODF UP TIBSFIPMEFST BOE TUBLFIPMEFST SFHBSEJOH UIF (SPVQ T BQQSPBDI UP SJTL NBOBHFNFOU BOE JOUFSOBM DPOUSPM 5IBU TBJE UIF FGGFDUJWFOFTT PG UIFTF TZTUFNT DBO POMZ CF FWBMVBUFE PWFS UJNF BOE TUBLFIPMEFST BSF FODPVSBHFE UP DPOUJOVF NPOJUPSJOH UIF (SPVQ T QSPHSFTT JO UIJT BSFB REVIEW BY EXTERNAL AUDITORS *O DPNQMJBODF XJUI QBSBHSBQI PG UIF ..-3 UIF &YUFSOBM "VEJUPST IBWF DPOEVDUFE B SFWJFX PG UIJT 4UBUFNFOU 5IFJS SFWJFX XBT QFSGPSNFE JO BDDPSEBODF XJUI .BMBZTJBO "QQSPWFE 4UBOEBSE PO "TTVSBODF &OHBHFNFOUT *4"& 3FWJTFE "TTVSBODF &OHBHFNFOU 0UIFS UIBO "VEJUT PS 3FWJFXT PG )JTUPSJDBM 'JOBODJBM *OGPSNBUJPO BOE "VEJU BOE Assurance Practice Guide 3 (AAPG 3): Guidance for Auditors on Engagements to Report on the Risk Management and *OUFSOBM $POUSPM 4UBUFNFOU JODMVEFE JO UIJT "OOVBM 3FQPSU BT JTTVFE CZ UIF .BMBZTJBO *OTUJUVUF PG "DDPVOUBOUT #BTFE PO UIFJS SFWJFX UIF &YUFSOBM "VEJUPST IBT SFQPSUFE UIBU OPUIJOH IBT DPNF UP UIFJS BUUFOUJPO UIBU DBVTFT UIFN UP CFMJFWF UIBU UIJT 4UBUFNFOU JT OPU QSFQBSFE JO BMM NBUFSJBM SFTQFDUT JO BDDPSEBODF XJUI UIF EJTDMPTVSFT SFRVJSFE by paragraph 41 and 42 of the Risk Management and Internal Control Statement: Guidelines for Directors of Listed *TTVFST BOE 1SBDUJDF /PUF BOE PG .BMBZTJBO $PEF PG $PSQPSBUF (PWFSOBODF 'VSUIFSNPSF UIFZ EJE OPU àOE any factual inaccuracies in the Statement. RISK MANAGEMENT AND INTERNAL CONTROL STATEMENT (cont’d)
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