Wah Seong Corporation Berhad Annual Report 2017

GOVERNANCE WAH SEONG CORPORATION BERHAD ANNUAL REPORT 2017 56 5.4 Relationship with Auditors(cont’d) The Board, upon the recommendation of the Audit Committee, concurred on the suitability and independence of the External Auditors and had therefore agreed to table the resolution for the re-appointment of the External Auditors to the Shareholders’ at the forthcoming 18 th AGM for their approval. Further information on the role of the Audit Committee with the External Auditors is stated in the Audit Committee Report on pages 30 to 33 of this Annual Report. 5.5 Internal Audit Function The Board has established an Internal Audit Function for the Group to review the adequacy of financial and operational controls so as to provide reasonable assurance that such system continues to operate satisfactorily and effectively in the Group and to add value and improve the Group’s operations by providing independent and objective assurance. The Internal Audit Function of the Group is performed in-house. It focused on: (a) reviewing the adequacy and effectiveness of key controls. (b) compliance to established policies and procedures as well as relevant statutory requirements. (c) recommending improvements to existing procedures and policies in order to improve financial and operational efficiency and effectiveness within the Group and the Company. (d) performing special reviews requested by Management and/or the Audit Committee. The Head, Group Internal Audit reports directly to the Audit Committee. The Internal Audit Function of the Group is independent of the activities they audit and the audit reviews are performed with impartiality, proficiency and due professional care. The Board and/or the Audit Committee determines the general direction or remits of the Internal Audit Function, which encompasses its main role, that is to evaluate risk and monitor the effectiveness of the Group’s system of internal controls, consistent with the standards developed by the internal audit profession. The Internal Audit Function is competently and adequately resourced and independently positioned to assist the Board and the Audit Committee in obtaining the assurance they require regarding the effectiveness of the Group’s system of internal controls. Further details of the activities of the Internal Audit Function are set out in the Statement on Risk Management and Internal Control on pages 59 to 61 of this Annual Report. 6. CORPORATE RESPONSIBILITY Throughout 2017, the Group has undertaken various initiatives to create a positive and momentous impact on the lives of others, within the community and the environment in which it operates, as set out in the Sustainability Statement on pages 8 to 17 of this Annual Report. 7. SUSTAINABILITY The Company has come a long way from a medium sized Malaysian enterprise to where the Group is today. It is through resilience and fortitude that the Group has been growing from strength to strength, meeting challenges along the way and succeeding in branching further aloft. As at today, the Group is a significant player in its core businesses and is sustaining growth on the global business landscape. CORPORATE GOVERNANCE OVERVIEW STATEMENT