161 CORPORATE GOVERNANCE BOARD COMMENTARY AND OPINION For the financial year under review, the Board has received written assurance from the CEO, the Head of Finance that the REIT’s enterprise risk management and internal control systems, in all material aspects, are operating adequately and effectively. There were no material control failures or adverse compliance events that directly resulted in any material loss to the Group. Taking into consideration the information and assurance given by the CEO and the Head of Finance, the Board is satisfied that the enterprise risk management and internal control systems in place for the year under review and up to the date of approval of this Statement are sound and effective to safeguard the interest of all shareholders, the REIT’s assets, and other stakeholders. The following oversight mechanisms and information have been compiled for the Board’s oversight processes: - Periodic review of financial information covering financial performance and quarterly financial results; - BARC’s oversight of risk management framework, changes in risk magnitudes, and status of management implementation of risk mitigation plan; - Identifying principal risks and ensuring the implementation of appropriate systems to manage these risks; - BARC’s review and consultation with Management on the integrity of the financial results and audited financial statements; - audit findings and reports on the review of systems of internal control provided by the internal auditors and the status of Management’s implementation of the audit recommendations; and - Management’s assurance that the Group’s risk management and internal control systems, including systems for compliance with applicable laws, regulations, rules directives, and guidelines have been operated adequately, effectively, and with integrity, in all material respects. The Board will continue to monitor all major risks affecting the Group take necessary measures to mitigate them and continue to enhance the adequacy and effectiveness of the risk management and internal control systems of the Group. REVIEW OF THE STATEMENT BY EXTERNAL AUDITORS The External Auditors have performed limited assurance procedures on this Statement on Risk Management and Internal Control (“Statement”) in accordance with Malaysian Approved Standard on Assurance Engagements, ISAE 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information and AAPG 3, Guidance for Auditors on Engagements to Report on the Statement on Risk Management and Internal Control included in the Annual Report. They have reported to the Boards that nothing has come to their attention that causes them to believe the Statement intended to be included in the Annual Report is not prepared, in all material respects, following the disclosures required by Paragraphs 41 and 42 of Statement on Risk Management and Internal Control: Guidelines for Directors of Listed Issuers nor is the Statement factually inaccurate. This Statement is made in accordance with the resolution of the Board of Directors on 22 February 2024. STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROLS
RkJQdWJsaXNoZXIy NDgzMzc=