AwanBiru Technology Berhad - Annual Report 2021

• Management Accounts are prepared in a timely manner and on a monthly basis and are reviewed by the President/GCEO, COO, GFC together with the heads of the respective business divisions. • The Whistleblowing Policy was established to facilitate the disclosure of any improper conduct within the Group. The Whistleblowing Policy provides clarity on the oversight and responsibilities of the whistleblowing process, the reporting process, protection of whistleblowers and the confidentiality afforded to whistleblowers. NO SIGNIFICANT WEAKNESS IN RISK MANAGEMENT AND INTERNAL CONTROL RESULTING IN MATERIAL LOSS The Board is of the opinion that there is no significant weakness in the system of risk management and internal control, contingencies or uncertainties that could result in material loss and adversely affect the Group and the Company. The Board is also of the opinion that the Company’s risk management system and internal control is in place for the financial year under review and is up to date as at the date of this statement. The Board has received assurances from the President/GCEO, COO and the GFC that the Group’s risk management and internal control system, in all material aspects, is operating adequately and effectively. Taking into consideration on its review and the assurance from the Management team, the Board is of the view that the system of risk management and internal control is satisfactory and adequate to safeguard shareholder’s investment and the Group’s assets. The Group will continue to identify, evaluate and monitor all major risks and take measures to strengthen the internal control and risk management environment. REVIEW OF THE STATEMENT BY THE EXTERNAL AUDITORS The external auditors have reviewed the Statement on Risk Management and Internal Control in accordance with Malaysian Approved Standard on Assurance Engagements, ISAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information and Audit and Assurance Practice Guide 3, Guidance for Auditors on Engagements to Report on the Statement on Risk Management and Internal Control Included in the Annual Report issued by the Malaysian Institute of Accountants. Based on the limited assurance procedures and review, the external auditors have informed the Board that nothing has come to their attention that has caused them to believe that the Statement on Risk Management and Internal Control has not been prepared, in all material respects, in accordance with the disclosures required by paragraphs 41 and 42 of the Statement on Risk Management & Internal Control: Guidelines for Directors of Listed Issuers to be set out, nor is the Statement factually inaccurate. This Statement on Risk Management and Internal Control was made in accordance with the approval of the Board on 29 September 2021. Transparency | Awantec Annual Report 2021 119