KEY AUDIT MATTERS (CONT’D.) Valuation of land held for sale (cont'd.) (Refer to Note 16(c) to the financial statements) (cont'd.) How have our audit addressed the matter Our audit procedures in evaluating management’s assessment of net realisable values of land held for sale included, amongst others, the following procedures: • We obtained an understanding of the management process in estimating the net realisable value of the land held for sale; • We evaluated the assumption applied in the estimated selling price by comparing the selling price stated in the sale and purchase agreements; and • We evaluated the key assumptions applied in estimating the estimated costs of completion by examining documentary evidence, such as letters of awards issued to contractors, to support the estimated costs of completion. We also evaluated the reasonableness of the key assumptions used by comparing to the Group’s historical experience and relevant market data. Information other than the financial statements and auditors’ report thereon The directors of the Company are responsible for the other information. The other information comprises the Directors’ Report, but does not include the financial statements of the Group and of the Company and our auditors’ report thereon, which we obtained prior to the date of this auditors’ report, and the information included in the annual report, which is expected to be made available to us after the date of this auditors’ report. Our opinion on the financial statements of the Group and of the Company does not cover the other information and we do not and will not express any form of assurance conclusion thereon. In connection with our audit of the financial statements of the Group and of the Company, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements of the Group and of the Company or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed on the other information that we obtained prior to the date of this auditors’ report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. When we read the information included in the annual report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to the directors of the Company and take appropriate action. Responsibilities of the directors for the financial statements The directors of the Company are responsible for the preparation of financial statements of the Group and of the Company that give a true and fair view in accordance with MFRS Accounting Standards, IFRS Accounting Standards and the requirements of the Companies Act 2016 in Malaysia. The directors are also responsible for such internal control as the directors determine is necessary to enable the preparation of financial statements of the Group and of the Company that are free from material misstatement, whether due to fraud or error. In preparing the financial statements of the Group and of the Company, the directors are responsible for assessing the Group’s and the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Company or to cease operations, or have no realistic alternative but to do so. FINANCIAL STATEMENTS & OTHER INFORMATION 233
RkJQdWJsaXNoZXIy NDgzMzc=