STATEMENT ON RISK MANAGEMENT & INTERNAL CONTROL
(CONT’D)
Internal Audit Function
The Board outsourced its internal audit function to a professional firm of consultants to support its internal
audit function to provide much of the assurance required regarding the effectiveness as well as the adequacy
and integrity of the Group’s system of internal controls. Internal audit function adopts a risk-based approach
in developing its audit plan which addresses all the core auditable areas of the Group. The internal audit plan
was presented to and approved by Audit Committee. Periodic internal audit review is carried out and the audit
findings are presented to the Audit Committee via internal audit reports whilst Management formulates action
plans to address issues noted from internal audit to improve the system of internal controls.
The Board of Directors is of the opinion that the Group’s system of internal controls is generally adequate based
on the report and findings in the internal auditors’ report for the financial year ended 31 December 2014.
Nevertheless, the internal control systems will continue to be reviewed, added on or updated in line with changes
in the operating environment.
Review of the Statement by External Auditors
Pursuant to paragraph 15.23 of the Listing Requirements, the External Auditors have reviewed this Statement
for inclusion in the Annual Report for the Financial Year ended 31 December 2014 and reported to the Board
that nothing has come to their attention that causes them to believe that this Statement is inconsistent with their
understanding of the process adopted by the Board in reviewing the adequacy and integrity of the system of
internal controls.
Conclusion
The Board is of the opinion that the system of internal control and risk management is in place for the year under
review, and up to the date of this Statement is sound and sufficient to safeguard shareholders’ investment and
the Group’s assets.
This statement was made in accordance with a Board of Directors’ resolution dated 23 April 2015.
Pentamaster Corporation Berhad
(572307-U)
•
Annual Report 2014
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