MITRA-AnnualReport2011 (1.2MB).pdf - Announcements - Bursa ...

Statement on Internal Control (cont’d)
oTHER kEy ElEMENTS of INTERNAl CoNTRol
The Board continuous to be committed to improving the Group’s control structure and environment comprising the following
key elements:-
• organisation Structure & Authorisation procedures
The Group maintains formal and structured lines of reporting, that includes the division of responsibilities and delegation
of authority. It sets out the roles and responsibilities, appropriate authority limits, review and approval procedures within
the various operational segments.
• periodical and/or Annual Budget
The Group Managing Director reviews and approves the yearly forecast results of the Group. Actual performance is
compared to the forecast and reviewed quarterly with detailed explanation for any major variances.
In addition, there are bi-monthly project progress and budget monitoring meetings for the construction division. The
meetings are chaired by the Managing Director of construction division with respective Project Directors to review each
project’s actual performance against the project budget.
• Regular operational and Management Meetings
Scheduled operational and management meetings are held to discuss and review the business plans, budgets, financial
and operational performances of the Group. The quarterly financial statements containing key financial results and
comparisons are tabled to the Board for their review.
Nevertheless, for the Group’s overseas operations, the management of the daily operations is carried out by the respective
Management, who report to Group Managing Director in accordance with the authority limits granted. Notwithstanding this,
the corporate head office still retains overall control on all its overseas operations through constant review and monitoring.
• Group policies and procedures
The Group has established policies and procedures that are regularly reviewed and updated to ensure that it maintains
its effectiveness and continues to support the Group’s business activities at all times as the Group continues to grow.
• International Standards Certification
The Group’s ISO-quality policies and procedures are implemented by its 2 subsidiaries, Pembinaan Mitrajaya Sdn Bhd
(“PMSB”) and Optimax Eye Specialist Centre Sdn Bhd (“OESCSB”).
Both PMSB and OESCSB have been certified to ISO 9001:2008 and ISO 9001:2000 Quality Management System since year
2000 and 2007 respectively.
In addition, PMSB has been certified to the following 2 standards in August 2010:-
(a) Environmental Management System to ISO 14001:2004 standard; and
(b) Occupational Health and Safety Management System to OHSAS 18001:2007 standard and MS 1722: Part 1:2005.
Internal and external audits are carried out to ensure the adherence and application of the policies implemented.
• Related party Transactions
Related party transactions are disclosed, reviewed, and monitored by the Board on a periodic basis.
CoNClUSIoN
The Board recognizes the necessity to continuously improve the system of internal control and risk management practices so
that such system and practices can support the Group’s operations and changing business environment. Therefore, the Board
will, when necessary, put in place appropriate action plans to further enhance the system of internal controls.
This statement was approved by the Board of Directors on 18 April 2012.
MITRAJAYA HOLDINGS BERHAD ANNUAL REPORT 2011
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