Company No: 198201012898 (92647-H)

 

 

INDEPENDENT AUDITORS’ LIMITED ASSURANCE REPORT TO THE BOARD OF DIRECTORS OF YTL CORPORATION BERHAD ON THE STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL

 

 

We have been engaged to perform a limited assurance engagement on the accompanying Statement on Risk Management and Internal Control (“SORMIC”) intended to be included in the annual report for the financial year ended 30 June 2024 as set out in the attachment which has been stamped by us for identification purposes.

 

 

Responsibilities of Board of Directors and Management

 

Management or a delegated committee of the Board of Directors or a specified party appointed by the Board of Directors are responsible for the preparation of the Statement on Risk Management and Internal Control in accordance with the “Statement on Risk Management and Internal Control: Guidelines for Directors of Listed Issuers” as issued under the Bursa Malaysia listing requirements.

 

 

Our Quality Management and Independence

 

The firm applies Malaysian Approved Standard on Quality Management, ISQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements and accordingly, the firm is required to design, implement and operate a system of quality management including policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

 

We have complied with the independence and other ethical requirements of the By-Laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants, which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behavior.

 

 

Our Responsibilities

 

Our responsibility is to express a limited assurance conclusion on the Statement on Risk Management and Internal Control based on the procedures we have performed and the evidence we have obtained as to whether any matters have come to our attention that cause us 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 and Internal Control: Guidelines for Directors of Listed Issuers to be set out, nor is the SORMIC factually inaccurate.

 

We conducted our limited assurance engagement in accordance with Malaysian Approved Standard on Assurance Engagements, ISAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information and AAPG 3, Guidance for Auditors on Engagements to Report on the Statement on Risk Management and Internal Control Included in the Annual Report.

 

 

 

 

Company No: 198201012898 (92647-H)

 

 

INDEPENDENT AUDITORS’ LIMITED ASSURANCE REPORT TO THE BOARD OF DIRECTORS OF YTL CORPORATION BERHAD ON THE STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL (CONTINUED)

 

 

Summary of Work Performed

 

Our engagement has been conducted to assess whether the Statement on Risk Management and Internal Control appropriately reflects the disclosures required by paragraphs 41 and 42 of the Statement on Risk Management and Internal Control: Guidelines for Directors of Listed Issuers.

 

The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement and consequently the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.

 

With respect to paragraph 15.23 of the Bursa Malaysia Listing Requirements, our work will be restricted to:

 

(a)　　assessing, based on enquiry of the Directors, the supporting documentation prepared by or for Directors and our knowledge obtained during the audit of the financial statements, whether the Company’s summary of the processes the Board (and where applicable, its committees) has adopted in reviewing the adequacy and integrity of internal control appropriately reflects those processes;

 

(b)　　assessing whether the Company’s disclosures of the processes it has applied to deal with material internal control aspects of any significant problems are disclosed in the annual report appropriately to reflect those processes; and

 

(c)　　ensuring that disclosure is made if no review of the adequacy and integrity of internal control has been conducted, and that explanations in relation thereto are consistent with our understanding; and

 

(d)　　ensuring that disclosure is made in the Statement where a material joint venture or associated company has not been dealt with as part of the Group for the purposes of the Statement.

 

We are not required to consider whether the Statement on Risk Management and Internal Control covers all risks and controls, or to form an opinion on the adequacy and effectiveness of the Company’s risk management and internal control system including the assessment and opinion by the Board of Directors and management thereon. We are also not required to consider whether the processes described to deal with material internal control aspects of any significant problems disclosed in the annual report will, in fact, remedy the problems.

 

 

Conclusion

 

Based on the procedures performed and evidence obtained, nothing has come to our attention that causes us to believe that the Statement on Risk Management and Internal Control intended to be included in the annual report is not prepared, in all material respects, in accordance with the disclosures required by paragraphs 41 and 42 of the Statement on Risk Management and Internal Control: Guidelines for Directors of Listed Issuers to be set out, nor is the SORMIC factually inaccurate.

 

 

 

 

Company No: 198201012898 (92647-H)

 

 

INDEPENDENT AUDITORS’ LIMITED ASSURANCE REPORT TO THE BOARD OF DIRECTORS OF YTL CORPORATION BERHAD ON THE STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL (CONTINUED)

 

 

Restriction on distribution or use

 

This report is made solely to the Board of Directors in accordance with the listing requirements of Bursa Malaysia and for no other purposes. We do not assume responsibility to any other person for the content of this report. It should not be copied or disclosed to any third party or otherwise quoted or referred to, in whole or in part, without our prior written consent.

 

 

 

 

 

 

 

HLB LER LUM CHEW PLT

Date: 26 September 2024

201906002362 & AF 0276

Kuala Lumpur

Chartered Accountants