Annual Report 2017
The Group’s independent external auditors fill an essential role for the shareholders by enhancing the reliability
of the Group’s financial statements and giving assurance of that reliability to users of these financial statements.
The external auditors have an obligation to bring any significant defects in the Group’s system of control and
compliance to the attention of Management, the Audit Committee and the Board. This includes the communication
During the financial year under review, the Audit Committee held 2 meetings with the external auditors without
any executive members of the Board or senior management being present on financial and other matters. This
facilitated a greater exchange of independent, open views and opinions/dialogue between both parties. The
external auditors are also invited to attend the Company’s AGM.
Each year, the Audit Committee assesses the effectiveness of the external auditors. For FYE2017, the Audit
Committee also obtained feedback via assessment questionnaires from the Group’s internal auditors and
personnel who have had substantial contact with the external audit team. The review procedures covers the
independence and service level of the external auditors, which amongst others, include reviewing the external
auditors’ performance and quality of work, ability to meet deadlines, timeliness of service deliverables, non-audit
services provided and compliance with the independence requirements of the external auditors.
Based on the information, the Audit Committee is satisfied that the independence of the external auditors has not
been compromised by the provisions of the Bye-Laws on Professional Independence of the Malaysian Institute of
Accountants. The external auditors has also presented its written assurance on independence through their Audit
Plan and Report to the Audit Committee for the audit of the statutory financial statements for the financial year
ended 31 March 2017. Accordingly, the Audit Committee has recommended to the Board that Messrs Hanafiah
Raslan & Mohamad be nominated for re-appointment as the Company’s external auditors at the 45
The particulars in relation to the audit and non-audit fees incurred by the Company and its subsidiaries for the
financial year under review, are as follows:
Non Audit Fees
Statement of Compliance
The Board considers that the Company has complied with the relevant Principles and Recommendations as set out in the MCCG
2012 other than those disclosed within this Statement of Corporate Governance.
This statement is made in accordance with the resolution of the Board of Directors dated 30 May 2017.
TAN SRI DATO’ IR. MUHAMMAD RADZI BIN HAJI MANSOR