GHL System Berhad Annual Report 2019

A N N U A L R E P O R T 2 0 1 9 67 1. MATERIAL CONTRACT No material contract has been entered into by the Group which involved Directors, Chief Executive and/or substantial shareholders’ interest during FY 2019 or if not then subsisting, entered into since the end of previous financial year. 2. AUDIT AND NON-AUDIT FEES The amount of audit and non-audit fees incurred for services rendered by the Auditors of the Company, BDO PLT, to the Company and the Group respectively for the financial year ended 31 December 2019 were as follows: Group 2019 RM Company 2019 RM Audit Fee 495,760 112,270 Non-Audit Fee* 28,970 20,970 Note: * The non-audit fees from BDO PLT is in relation to review Statement of Risk Management and Internal Control, due diligence on potential investments and letter of certification. 3. DIRECTOR RESPONSIBILITY STATEMENT The Directors are required by the Companies Act 2016 to prepare financial statements for each financial year which gives a true and fair view of the financial position and the cash flows of the Group and of the Company as at the financial year end. The Directors consider that, in preparing the financial statements of GHL Systems Berhad for the financial year ended 31 December 2019, the Group has used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates. The Directors also consider that all applicable Financial Reporting Standards in Malaysia have been followed and confirmed that the financial statements have been prepared on a going concern basis. The Directors are responsible for ensuring that the Group and the Company keep accounting records which disclose with reasonable accuracy of the financial position of the Group and of the Company at any time and which enable them to ensure that the financial statements comply with the provisions of the Companies Act 2016. The Directors are responsible for taking steps as are reasonably available to them to safeguard the assets of the Group and to prevent and detect fraud and as well as other irregularities. 4. UTILISATION OF PROCEEDS During the financial year, no proceeds were raised by the Company from any corporate proposal. OTHER STATEMENTS AND DISCLOSURE