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

Corporate Governance Statement (cont’d)
fINANCIAl REpoRTING
In presenting the financial statements, the Group has used appropriate accounting policies, consistently applied and supported
by reasonable judgements and estimates.
The quarterly financial results are reviewed by the Audit Committee and approved by the Board of Directors before its release
to Bursa Securities.
STATEMENT of DIRECToRS’ RESpoNSIBIlITy foR pREpARING THE fINANCIAl STATEMENTS
The Directors are required by the Companies Act, 1965 to prepare financial statements for each financial year which have to be
made out in accordance with the applicable approved accounting standards and give a true and fair view of the state of affairs of
the Group and of the Company at the end of the financial year and of the results and cash flows of the Group and of the Company
for the financial year.
In preparing the financial statements, the Directors have selected and applied consistently suitable accounting policies and
made reasonable and prudent judgements and estimates as on pages 31 to 104.
The Directors have the responsibility in ensuring that the Group and the Company keep accounting records which disclose
with reasonable accuracy, the financial position of the Group and the Company, which will then enable them to ensure that the
financial statements comply with the requirements of the Companies Act, 1965.
The Directors have the overall responsibility for taking such steps as are reasonably open to them to safeguard the assets of the
Group and to prevent and detect fraud and other irregularities.
INTERNAl CoNTRol
Please refer to the Statement on Internal Control for further details.
RElATIoNSHIp wITH THE AUDIToRS
The External Auditors, Messrs. Baker Tilly Monteiro Heng has continued to report to the Audit Committee on their findings which
are included as part of the Company’s financial report with respect to each year’s audit on the statutory financial statements. In
doing so, the Company has established a transparent arrangement with the Auditors to meet their professional requirements.
The independent members of the Audit Committee make it a point to sit and discuss with the External Auditors without the
presence of the Management Team to allow the External Auditors to broach issues in an uninhibited and private fashion.
INTERNAl AUDIT fUNCTIoN
The Group’s internal audit functions are outsourced to an external professional internal audit firm which reports to the Audit
Committee. The risk management is undertaken in house and is chaired by an executive director. The Internal Auditors serves
to assists the Audit Committee in the discharge of its duties and responsibilities. Its role is to undertake independent, regular
and systematic reviews of internal controls, so as to provide the Audit Committee with independent and objective feedback and
reports to enable the internal control systems continue to operate satisfactorily and effectively. The Internal Auditor recommends
actions to ensure that proper controls are in place for the key operational areas and regular follow-ups are made to ensure the
actions are implemented as soon as possible.
MITRAJAYA HOLDINGS BERHAD ANNUAL REPORT 2011
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