Amtel Holdings Berhad - Company Announcements - Bursa Malaysia

22
Statement of
Internal Control
Amtel Holdings Berhad 2003 annual report
INTRODUCTION
The Board of Directors is committed to maintain a sound system of internal control in
the Group and is pleased to provide the following Statement of Internal Control in the
Group which outlines the nature and scope of internal control of the Group during the
year pursuant to paragraph 15.27(b) of the Bursa Malaysia Securities Berhad Listing
Requirements. To this end, the Board of Directors also ensures that the external auditors
review the Statement of Internal Control and report the results thereof to the Board of
Directors annually.
BOARD RESPONSIBILITY
The Board of Directors acknowledges the importance of sound internal controls and risk
management practices to good corporate governance. The Board affirms its overall
responsibility for the Group’s systems of internal controls and risk management, and for
reviewing the adequacy and integrity of those systems. The system of internal control
covers risk management and financial, organisational, management information system,
operational and compliance controls.
However, in view of the limitations that are inherent in any systems of internal control, it
must be noted that these systems are designed to manage and not eliminate risk of failure
in meeting business objectives. In other words, the internal control can only provide
reasonable and not absolute assurance against material mismanagement or loss. The
associated companies have not been dealt with as part of the Group for the purpose of
this statement.