Statement on
Corporate governance
4. ACCOUNTABILITY AND AUDIT
4.1 Financial Reporting
The Board aims to provide and present a balanced and meaningful assessment of the Group’s financial position, performance and prospects at the end of the
financial year primarily through the audited financial statements, annual report as well as the quarterly announcements of results to shareholders.
The Board is responsible for ensuring that the financial statements prepared are drawn up in accordance with the provisions of the Companies Act, 1965 and
applicable approved accounting standards in Malaysia. In presenting the financial statements, the Company has used appropriate accounting policies, consistently
applied and supported by reasonable and prudent judgements and estimates. The Board assisted by the Audit Committee, oversees the financial reporting processes
and the quality of the financial reporting by the Group. The Audit Committee scrutinises information prior to their disclosure to ensure their timeliness, accuracy and
adequacy. The quarterly financial results and audited financial statements were reviewed by the Audit Committee and approved by the Board before being released
to Bursa Malaysia Securities Berhad.
The Directors’ Responsibility Statement in respect of the audited financial statements of the Company and the Group is set out in page 44 of this Annual Report.
4.2 Internal Control
The Board has overall responsibility for maintaining a sound system of internal control, which encompasses risk management, financial, organisational, operational
and compliance controls necessary for the Group to achieve its objectives within an acceptable risk profile.
These controls can only provide reasonable but not absolute assurance against material misstatement, errors of judgment, loss or fraud.
Information on the Group’s Internal Control is as set out in the Statement on Risk Management and Internal Control on pages 42 to 43 of this Annual Report.
The establishment of an Internal Audit Department since the Group first commenced operations followed by the formation of the Risk Management Committee in
2009 are testimony of the dedication and commitment that the Board and the Company have in identifying and mitigating potential risks which affect the Group.
4.3 Principles and Rules of Business Conduct andWhistle-Blowing Policy
The Board is committed to achieving and maintaining high ethical standards with regards to behavior at work and hence the Principles and Rules of Business
Conduct are established. The Principles and Rules of Business Conduct of the Group is a formal document which sets out the guiding principles and standards in
which the employees and Directors shall adhere to in conducting the day to day duties and operations.
In conjunction with the above, the Company has also disseminated its Whistle Blowing Policy and Procedures by which an employee or stakeholder can report or
disclose in good faith, through the established channel, genuine concerns about unethical behaviour, malpractice, illegal act or failure to comply with regulatory
requirements.
The Principles and Rules of Business Conduct and procedures of the Whistle Blowing Policy, in raising such genuine concerns to the established channels are set
out in the Company’s website at
.
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Wah Seong Corporation Berhad • Annual Report 2014
