Change - S P Setia Berhad

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60 Annual report 2008 Internal Control Statement Board Responsibility The Board acknowledges that it is responsible for the Group’s system of internal control and for reviewing its adequacy and integrity. The system is designed to provide reasonable assurance of effective operations and compliance with laws and regulations. The Board ensures the effectiveness of the system through regular reviews. The system of internal control is designed to manage rather than eliminate the risk of failure to achieve business objectives, and as such, can only provide reasonable but not absolute assurance against material misstatement or loss. Risk Management The Board is pleased to disclose that there is an ongoing process for identifying, evaluating and managing significant risks faced by the Group throughout the financial year. The said process is regularly reviewed by the Board and accords with the Statement of Internal Control – Guidance for Directors of Public Listed Companies. Internal Control The Board summarises below the process applied in reviewing the adequacy and integrity of the system of internal control: a) The Board has appointed the Audit Committee to examine the effectiveness of the Group’s system of internal control on behalf of the Board. This is accomplished through the review of the Group Internal Audit Department’s work, which focused on areas of priority as identified by risk analysis and in accordance with the annual audit plan approved by the Audit Committee. b) The Group’s Risk Management Framework is outlined in the Risk Management Policy. The Group has a Risk Management Committee who reports to the Board on quarterly basis on all major risk areas. The Risk Management Committee coordinates the overall risk management activities within the Group. c) The framework of the Group’s system of internal control and key procedure include: • There is in place an organisation structure, which formally defines lines of responsibility and delegation of authority. • Key functions such as finance, tax, treasury, corporate, legal matters and contract awarding are controlled centrally. • There is a strategic planning, annual budgeting and target-setting process, which includes forecasts for each area of business with detailed reviews at all levels of operations. The Board reviews and approves the annual budget. • Actual performance compared with budget is reviewed with detailed explanation of any major variances. • The Executive Directors meet on a monthly basis with all Divisional Heads and Business Unit Heads to consider the Group’s financial performance, business development, management and corporate issues. • Standard Operating Procedures which include policies and procedures within the Group are in place. • The Divisional Heads and Business Unit Heads determines the applicability of the risk monitoring and reporting procedures and is responsible for the identification and evaluation of significant risks applicable to their areas of business together with the design and operation of suitable internal controls. • Corporate values, which emphasise on ethical behaviour, quality products and services are set out in the Group’s Employee Handbook. The Group’s system of internal control does not apply to Associate Companies where the Group does not have full management and control over them.
61 S P Setia Berhad Group Financial Statements Corporate Information 62 Directors’ Report 63 Report of the Auditors to the Members 69 Consolidated Balance Sheet 71 Consolidated Income Statement 73 Consolidated Statement of Changes in Equity 74 Consolidated Cash Flow Statement 75 Balance Sheet 77 Income Statement 78 Statement of Changes in Equity 79 Cash Flow Statement 80 Notes to the Financial Statements 82 Statement by Directors 145 Statutory Declaration 145
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S P SETIA BERHAD (19698-X) (Incorpo
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group directory HEAD OFFICE S P SET
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