Berjaya Philippines Inc and its subsidiaries adopts a risk philosophy that maximizes the company’s’ ability in achieving its strategic objectives while ensuring appropriate management for evolving risk.
Annually, The Board of Directors reviewed the effectiveness of risk management system and internal control; and commented on the adequacy thereof.
The Internal control covers (i) the process effected by a company’s board of directors, management and other personnel, (ii) designed to provide reasonable assurance regarding the achievement of objectives in the effectiveness and efficiency of operations, (iii) the reliability of financial reporting, and compliance with applicable laws, regulations, and internal policies.
• Assist the Board in the performance of its oversight responsibility for the financial reporting process, system of internal control, and monitoring of compliance with applicable laws, rules and regulations;
• Provide oversight over Management’s activities in managing credit, market, liquidity, operational, legal, and other risks of the corporation. This function includes regular receipt from Management of information on risk exposures and risk management activities;
• Perform oversight functions over its internal and external auditors. It ensures that the internal and external auditors act independently from each other, and that both are given unrestricted access to all records, properties and personnel to enable them to perform their respective audit functions;
• Review the annual internal audit plan to ensure its conformity with the objective of the corporation. This plan includes audit scope, resources and budget necessary to implement it;
• Prior to commencement of yearly financial audit, discuss with the external auditor the nature, scope and expenses of audit, and ensure proper coordination If more than one audit firm is involved in the activity to secure proper coverage and minimize duplication of efforts;
• Monitor and evaluate the adequacy and effectiveness of the corporation’s internal control system, including financial reporting control and information technology security;
• Review the reports submitted by the internal and external auditors;
• Review the quarterly, half-year and annual financial statements before their submission to the Board, with particular focus on the following matters:
(i) any change in accounting policies and practices
(ii) major judgmental areas
(iii) significant adjustments resulting from the audit