STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL Cont’d OTHER KEY ELEMENTS OF INTERNAL CONTROL cont’d Management has taken the necessary actions to remediate the weaknesses identified for the financial year under review. The Board and the Management will continue to monitor the effectiveness and take measures to improve risk management and internal control systems. ASSURANCE PROVIDED BY THE GROUP CHIEF EXECUTIVE OFFICER AND GROUP FINANCIAL CONTROLLER In line with the Guidelines, the Group Chief Executive Officer and Group Financial Controller have provided assurance to the Board stating that the Group’s risk management and internal control system have operated adequately and effectively, in all material aspects, to meet the Group’s objectives during the period under review. For the financial year under review, the Board believes that there were no significant internal control deficiencies or material weaknesses resulting in material losses or contingencies requiring disclosure in this Annual Report. The Board is of the view that the existing system of risk management and internal controls is considered appropriate and adequate to safeguard shareholders’ investments, stakeholders’ interests and the Group’s assets. Nevertheless, the Board acknowledges that the Group’s system of risk management and internal control practices must evolve on an ongoing basis in order to meet the ever changing and challenging business environment. In this respect, the Board will continuously assess and enhance the Group’s risk management and internal controls system. REVIEW OF THE STATEMENT BY EXTERNAL AUDITORS The external auditors have reviewed this Statement on Risk Management and Internal Control pursuant to the scope set out in Audit and Assurance Practice Guide (“AAPG”) 3, Guidance for Auditors on Engagements to Report on the Statement on Risk Management and Internal Control included in the Annual Report issued by the Malaysian Institute of Accountants (“MIA”) for inclusion in the annual report of the Group for the year ended 31 December 2022 and reported to the Board that nothing has come to their attention that cause them to believe that the statement intended to be included in the annual report of the Group, in all material respects: (a) has not been prepared in accordance with the disclosures required by paragraphs 41 and 42 of the Statement on Risk Management and Internal Control: Guidelines for Directors of Listed Issuers, or (b) is factually inaccurate. AAPG 3 does not require the external auditors to consider whether the Directors’ Statement on Risk Management and Internal Control covers all risks and controls, or to form an opinion on the adequacy and effectiveness of the Group’s risk management and internal control system including the assessment and opinion by the Board of Directors and management thereon. The auditors are also not required to consider whether the processes described to deal with material internal control aspects of any significant problems disclosed in the annual report will, in fact, remedy the problems. PRESS METAL ALUMINIUM HOLDINGS BERHAD 75
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