Independent auditors'report
The Board of Directors Omni-Plus System Limited
Report on the audit of the internal control report
Opinion
We have audited the accompanying internal control reportof Omni-Plus System Limited ('the Company') and its subsidiaries ('the Group') as at 31March 2024.
In our opinion, the accompanying internal controlreport, which states that the internalcontrol over financial reporting was effective as at 31 March 2024, presents fairly, in all material respects, the results of the assessments of internal control over financial reporting in accordance with assessment standards for internal control over financial reporting generally accepted in Japan.
Basis for Opinion
We conducted our audit of the internal control report in accordance with auditing standards for internal control over financial reporting generally accepted in Japan. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Internal Control Report section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (' ACRA Code'), together with the ethical requirements that are relevant to our audit of the internal control report in Japan, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Responsibilities of Management and the Audit Committee for the InternalControl Report
Management is responsible for the design and operation of internal controlover financial reporting and the preparation and fair presentation of the internal control report in accordance with assessment standardsfor internal controlover financial reportinggenerally accepted in Japan.
The Audit Committee is responsible for overseeing and examining the design and operation of internal control over financial reporting.
Internal control over financial reporting may not completely prevent or detect financial statement misstatements.
Auditor's Responsibilities for the Auditof the Internal Control Report
Our responsibilities are to obtain reasonable assuranceabout whether the internal controlreport is free from material misstatement based on our audit of the internal control report and to issue an auditor's report that expresses our opinion on the internal control report based on our audit from an independent point of view.
As part of our audit in accordance with auditing standards for internal control over financial reporting generally accepted in Japan, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:
・ Perform procedures to obtain audit evidence on the results of the assessments of internal control over financial reporting in the internal control report. The procedures for the audit of the internal control report are selected and performed, depending on the auditors' judgement, based on significance of effect on the reliability of financial reporting.
・ Evaluate the overall presentation of the internal control report, including the appropriateness of the scope, procedures and results of the assessments that management presents.
・ Obtain sufficient appropriate audit evidence on the results of the assessments of internal control over financial reporting in the internal control report. We are responsible for the direction, supervision and performance of the audit of the internal control report. We remain solely responsible for our audit opinion.
We communicate with the audit committee regarding, among other matters, the plannedscope and timing of our audit of the internal control report, the results thereof, material weaknesses in internal control identified during our audit of internal control report, and those that were remediated.
We also provide the audit committee with a statement that we have compliedwith relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
The engagement partner on the audit resulting in this independent auditors' report is Yap Wee Kee.
KPMG LLP
Public Accountants and
Chartered Accountants
Singapore
3 August 2024
Internal Control Report
Mr. Neo Puay Keong, CEO, and Mr. Ang Huay Boon, CFO, are responsible for establishing and maintaining internal control over financial reportingof OPS Group (Omni-Plus SystemLimited and its subsidiaries and equity-method affiliates) and have established and maintained internal control over financial reporting in accordance with the basic framework for internal control set forth in the On the Revision of the Standards and Practice Standards for Management Assessment and Audit concerning Internal Control Over Financial Reporting (Council Opinions) published by the Business Accounting Council.
The internal controlreport is designedto achieve its objectives to the extentreasonable through the effective function and combination of its basic elements. Therefore, there is a possibility that internal control report may not completely prevent or detect misstatements.
Omni-Plus System Limited (the Company) assessed the effectiveness of our internal control over financial reporting on the base date as of 31 March 2024 and made this assessment in accordance with assessment standards for internal control over financial reporting generally accepted in Japan.
In conducting this assessment, the Company evaluated internal control which may have a material effect on the entire financial reporting on a consolidated basis (company-level controls), and based on the result of this assessment, the Company appropriately selected business processesto be evaluated. In conducting these business processes assessment, the Company analysed these selected business processes, identified key controls that may have a material impact on the reliability of internal control over financial reporting and assessed the design and operation of these key controls.
The Company determined the required assessment scope of internal controls over financial reporting for OPS Group from the perspective of the materiality that may affectthe reliability of its financial reporting.
The materiality that may affectthe reliability of its financial reporting is determined taking into account the materiality of quantitative and qualitative impacts. The Company reasonably determined the assessment scope of internal controls over business processes after considering the assessment resultsof company-level controlsconducted for the Company and 9 consolidated subsidiaries. The Company did not include 10 consolidated subsidiaries, 1 joint operation (jointly controlled business) and 2 equity method affiliates which do not have any quantitatively or qualitatively material impacton the consolidated financial statements in the assessment scope of company-level controls.
Regarding the assessment scope of internal control over business processes, the Company accumulated business units in descending order of revenue (after eliminating intercompany transactions) for the previousfiscal year, and those 3 business units whose combinedamount of revenue reaches approximately two-thirds of revenue on a consolidated basis were selected as significant business units.
At the selectedsignificant business units,the Company included, in the assessment scope, those business processes leading to revenue,accounts receivables and inventories as accounts closely relating to business objectives of the Company.
Further, not only at selected significant business units, but also at other business units, the Company added to the assessment scope, those business processes having greater materiality considering their impact on the financial reporting, those business processes relating to greater likelihood of material misstatements in significant accounts involving estimates or forecasts as these significant accounts that may have a material impact on its business objectives; or those business processes relating to businesses or operations dealing with high-risk transactions.
As a resultof the assessment above, the Company concluded that internal controlover financial reporting of OPS group was effective as of 31 March 2024.
Not applicable.
Not applicable