Page 74 - S P Setia Annual Report 2013
P. 74

72 | corporate Governance S P SETIA BERHAD GROUP Annual Report 2013






CORPORATE GOVERNANCE STATEMENT (CONT’D)








3.0 accountaBility anD auDit

3.1 financial reporting

In presenting the annual audited fnancial statements and quarterly announcement of results to shareholders, the Directors aim to
present a balanced and understandable assessment of the Group’s position and prospects. The Audit Committee assists the Board
by reviewing the information to be disclosed, to ensure completeness, accuracy and adequacy prior to release to Bursa Securities
and Securities Commission.

The Directors are required by the Companies Act, 1965 (“Act”) to prepare fnancial statements for each fnancial year which have
been made out in accordance with the provisions of the Act and applicable approved accounting standards and give a true and fair
view of the state of affairs of the Group and Company at the end of the fnancial year and of the results and cash fows of the Group
and Company for the fnancial year.

The Directors are satisfed that in preparing the fnancial statements of the Group and of the Company for the fnancial year ended
31 October 2013, the Group has used the appropriate accounting policies and applied them consistently. The Directors are also of
the view that relevant approved accounting standards have been followed in the preparation of these fnancial statements.

The Statement of Directors’ Responsibility is also enclosed in page 181 of this Annual Report.

3.2 relationship with external auditors

The external auditors plays an important role in ensuring the reliability of the Company’s fnancial statements and providing
the assurance of accuracy to shareholders. The Board via the Audit Committee maintains a formal and transparent professional
relationship with the Group’s external auditors. The role of the Audit Committee in relation to the auditors is described in the Audit
Committee Report set out on page 76 to page 78 of this Annual Report.

3.3 risk management and internal control

The Board maintains a sound risk management framework and system of internal control to safeguard shareholders’ investment
and the Group’s asset. The Statement on Risk Management and Internal Control which provides an overview of the state of internal
controls within the Group is set out in pages 79 to 80 of this Annual Report.



4.0 timely anD hiGh Quality Disclosure

4.1 corporate Disclosure Policy

The Company is committed to ensure that all information such as corporate announcements, circular to shareholders and fnancial
results are disseminated to the general public in a timely and accurate manner.

The Company’s quarterly interim and full year audited fnancial results are released within two (2) months from the end of each
quarter/fnancial year and the Annual Report, which remains a key channel of communication, is published within four (4) months after
the fnancial year end. The Annual Report is not merely a factual statement of fnancial information and performance of the Group;
but through the Chairman’s Statement and the President’s Report provides an insightful interpretation of the Group’s performance,
operations, and other matters affecting shareholders’ interest. It is hoped that such insights will allow shareholders and investors to
make more informed investment decisions based not only on past performance but also the future direction of the Group.
   69   70   71   72   73   74   75   76   77   78   79