GHL System Berhad Annual Report 2017

GHL SYSTEMS BERHAD 40 FOSTER COMMITMENT (cont’d) Directors’ Training (cont’d) In addition, all Directors are, from time to time, provided with reading materials and internal briefings pertaining to the latest developments in areas relating to the Directors’ roles and responsibilities by the Company Secretary or by its members who attended relevant conferences and seminars. The External Auditors also briefed the Board on any changes to the Malaysian Financial Reporting Standards that affect the Group’s financial statements during the year. UPHOLD INTEGRITY IN FINANCIAL REPORTING Financial Reporting The Board is committed to provide a balanced, clear and comprehensive assessment of the financial performance and prospects in all the disclosure made to the stakeholders and the regulatory authorities. The Board is responsible for ensuring that the financial statements give a true and fair view of the state of affairs of the Group as at the end of the reporting period, and of their results and cash flows for the period then ended. The Board is assisted by the Audit and Risk Committee in governing the Group’s financial reporting processes and the quality of its financial reporting such as compliance with Malaysian Financial Reporting Standards. Relationship with the Auditors The Board has adopted an Auditor Independence Policy on 28 November 2016 which delegates the responsibility to assess the suitability, objectivity and independence of the External Auditor to the Audit and Risk Committee. The Company’s Auditor Independence Policy is available on the Company’s official website at www.ghl.com. Through the Audit and Risk Committee, the Group has established transparent and appropriate relationships with the Group’s auditors, both external and internal. The total fees incurred for non-audit services rendered by the external auditors during the financial year are disclosed in Note 6 of the Financial Statements section of this Annual Report. The statements on roles, duties and responsibilities of the Audit and Risk Committee, in relation to both the Internal and External Auditors, are described in the Audit and Risk Committee Report as set out on pages 42 to 46 of this Annual Report. RECOGNISE AND MANAGE RISKS The Board acknowledges its responsibilities for the Group’s system of internal controls which covers financial, operational, and compliance controls as well as risk management. The Board has delegated to the Audit and Risk Committee the responsibility of reviewing the effectiveness of control procedures and risk management framework, and to report to the Board on all its findings and recommendations for deliberations. The Statement on Risk Management and Internal Control furnished in pages 47 to 51 of the Annual Report provides an overview of the state of risk management and internal controls within the Group. ENSURE TIMELY AND HIGH QUALITY DISCLOSURE Timely release of announcements on quarterly and annual financial statements, annual report and analyst presentations reflects the Board’s commitment to provide transparent and up-to-date disclosures to the public. Leveraging on information technology for effective dissemination of information, the Group maintains a corporate website, www.ghl.com, which provides a comprehensive avenue for the shareholders and public to access up-to-date information including the Company’s announcements, financial information, share prices, and press releases of the Group. CORPORATE GOVERNANCE OVERVIEW STATEMENT CONT’D