ANNUAL REPORT 2024 105 KEY ELEMENTS OF THE INTERNAL CONTROL SYSTEMS OF THE GROUP (CONT'D) 15. Independent Reviews by Internal Audit Department (“IAD”) (Cont'd) From the Internal Audit Reports issued, there were weaknesses and gaps in internal controls identified which subsequently the remedial actions and corrective measures including monitoring have been and are being taken to address such weaknesses. A description of IAD’s activities for the financial year ended 31 March 2024 are available in the Audit Committee Report included in this Annual Report. 16. Continuous Compliance Review The Management team together with the respective Project Directors and Heads of Department continuously perform review on the compliance level in regard to the contractual obligations as well as the terms and conditions imposed on certifications and licenses granted to the Group. The list of certifications and licenses granted to the Group are available in the Sustainability Statement included in this Annual Report. REVIEW OF THIS STATEMENT BY EXTERNAL AUDITORS The external auditors have reviewed this Statement on Risk Management and Internal Control pursuant to the scope set out in accordance with Malaysian Approved Standard on Assurance Engagements, ISAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information and 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”). The external auditors have opined to the Board that nothing has come to their attention that causes them to believe the statement is inconsistent with their understanding of the processes adopted by the Board in reviewing the adequacy and effectiveness of the risk management and internal control system of the Group in all material aspects in accordance with the disclosure required by paragraph 41 and 42 on the Statement on Risk Management and Internal Control Guideline for Directors of Listed Issuers. AAPG3 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. The external 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. ASSURANCE TO THE BOARD The Board is of the view that the risk management and internal control system and processes are satisfactory and sound for the year under review, and up to the date of approval of this Statement. The Board together with the Management continues to monitor all major risks affecting the business operations of the Group and its necessary measures to mitigate or minimise them as well as continue to enhance the adequacy and effectiveness of the risk management and internal control system of the Group. The Board has received assurance from the Executive Directors and the Management that the Group’s risk management and internal control system is operating adequately and effectively, in all material aspects, based on the risk management and internal control system of the Group. This Report was made in accordance with the resolution of the Board of Directors passed on 30 May 2024. AND INTERNAL CONTROL STATEMENT ON RISK MANAGEMENT
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