CONCLUSION Overall, the Statement provides an overview of the Group’s system of risk management and internal control, including the processes and procedures in place to identify, assess, and manage risks, as well as the role of the AC and internal auditors in reviewing and reporting on the effectiveness of these controls. The Statement acknowledges that the Group operates in a constantly changing and challenging business environment and that the system of risk management and internal controls must continuously evolve to meet these challenges. The Board is committed to taking appropriate action plans when necessary to enhance the Group’s system of risk management and internal controls. It is also worth noting that the Group’s risk management and internal control systems do not apply to the associate companies, but the Group’s interest in these companies is served through Board representation and periodic review of their management accounts. Overall, the Statement appears to provide a reasonable level of assurance to shareholders and stakeholders regarding the Group’s approach to risk management and internal control. However, it is important to note that the effectiveness of these systems can only be fully assessed over time, and stakeholders should continue to monitor the Group’s progress in this area. REVIEW BY EXTERNAL AUDITORS As required by paragraph 15.23 of the MMLR, the External Auditors have reviewed this Statement. Their review was performed in accordance with Malaysian Approved Standard on Assurance Engagements, ISAE 3000 (Revised), Assurance Engagement Other than Audits or Reviews of Historical Financial Information and Audit and Assurance Practice Guide 3 (AAPG 3): Guidance for Auditors on Engagements to Report on the Risk Management and Internal Control Statement included in this Annual Report, issued by the Malaysian Institute of Accountants. Based on their review, nothing has come to their attention that causes them to believe that this Statement is not prepared, in all material respects, in accordance with the disclosures required by paragraph 41 and 42 of the Risk Management and Internal Control Statement: Guidelines for Directors of Listed Issuers and Practice Note 10.1 and 10.2 of Malaysian Code of Corporate Governance 2021, nor is factually inaccurate. RISK MANAGEMENT AND INTERNAL CONTROL STATEMENT (cont’d) 138
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