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Gamuda Berhad (29579-T) • Annual Report 2012
FinAnCiAl RePoRTinG
The Group has a comprehensive budgeting system and
a structured system for reporting financial results to the
Board.
each business unit maintains financial controls and prepares
monthly results with a comparison against budget. There
are clearly defined guidelines for the review and approval
of capital expenditure projects. These include annual
budgets, periodic reviews and designated levels of authority.
The Group’s centralised internal audit function reviews the
systems and procedures in all business units and reports
regularly to the Audit Committee which in turn, reports to
the Board.
The Board is satisfied that it has met its obligations in
presenting a balanced and clear assessment of the Group’s
position and prospects.
inTeRnAl ConTRol
The Board is responsible for all aspects of the Group’s
internal controls. The system of internal control, which is
fully embedded into the operations of the Group, has been
in place throughout the year, up to the date of this Annual
Report. it includes financial, operating and compliance
controls and risk management procedures. The system of
internal control is designed to manage rather than eliminate
the risk of failure to achieve the Company’s business
objectives. in pursuing these objectives, internal control can
only provide reasonable but not absolute assurance against
material misstatement or loss.
significant risks faced by the business are identified and
evaluated based on the likelihood and potential impact of
each risk and where necessary, actions to mitigate the risks
were also identified. The Board also takes account of the
advice of the Audit Committee, reports received from the
external auditors and any other related matters which have
come to its attention.
DiReCToRs’ ResPonsiBiliTY sTATeMenT
The Directors are required by the Act to prepare financial
statements for each financial year in accordance with the
applicable approved accounting standards and give a true
and fair view of the state of affairs of the Group and Company
at the end of the financial year and of the performance of
the Group and Company for the financial year.
in preparing the financial statements, the Directors have:
• applied appropriate and consistent accounting policies;
• made judgements and estimates that are reasonable
and prudent;
• ensured that all applicable accounting standards have
been followed; and
• prepared financial statements on the “going concern”
basis as the Directors have a reasonable expectation,
having made enquiries, that the Group and Company
have adequate resources to continue operations for the
foreseeable future.
The Directors have responsibility for ensuring that the
Company keeps accounting records, which disclose with
reasonable accuracy the financial position of the Company
and the Group, which enable them to ensure that financial
statements comply with the requirements of the Act. The
Directors have overall responsibility for taking such steps
as are reasonably available to them to safeguard the
assets of the Group to prevent and detect fraud and other
irregularities.
shAReholDeR AnD inVesToR RelATions
Communication with shareholders and investors is of
considerable importance to the Company. As part of its
corporate governance initiatives, the Board has set up a
full-time investor Relations (iR) unit which primary role
is to implement and execute effective iR policies and
programmes.
The Company implements an active iR programme aimed at
fostering highquality relationships, aswell as building up trust
and credibility with the broad investment community. The
Group Managing Director and/or the senior Group General
Manager, investor Relations are primarily responsible for all
iR activities.