STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL (continued) MANAGEMENT RESPONSIBILITIES AND ASSURANCE In accordance to the Guidelines, the Management is responsible to the Board for identifying risks relevant to the business of the Company’s objectives and strategies, implementing and maintaining a sound system of risk management and internal control, and monitoring and reporting to the Board of significant control deficiencies and changes in risks that could significantly affect the Company’s achievement of its objectives and performance. In producing this Statement, the Board has received assurance from the Group Managing Director and the Group Chief Financial Officer that, to the best of their knowledge, the Group’s risk management and internal control system is operating adequately and effectively, in all material aspects, based on the existing risk management and internal control system of the Group for FYE 31 August 2022. REVIEW OF THIS STATEMENT Pursuant to Paragraph 15.23 of the MMLR of Bursa Securities, the Company’s external auditors have reviewed this Statement for inclusion in the 2022 Annual Report of the Company, and have reported to the Board that nothing has come to their attention that causes them to believe that this Statement is inconsistent with their understanding of the process adopted by the Board in reviewing the adequacy and integrity of the system of internal control and risk management. CONCLUSION Based on the foregoing, the Board is of the view that the Group’s risk management and internal control system is adequate and effective. 55 ANNUAL REPORT 2022
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