Page 159 - SC Annual Report 2018 (ENG)

Securities
Commission
INDEPENDENt aUDItOrS' rEPOrt Malaysia
tO tHE BOarD MEMBErS OF tHE ANNUAL
REPORT
SECUrItIES COMMISSION MaLaYSIa 2018

Report on the Audit of the Financial statements

opinion

We have audited the financial statements of the Securities Commission Malaysia (SC), which comprise
the statement of financial position as at 31 December 2018, and the statement of profit or loss and other
comprehensive income, statement of changes in equity and statement of cash flows for the year then ended,
and notes to the financial statements, including a summary of significant accounting policies, as set out on
pages 115 to 146.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of
the SC as at 31 December 2018, and of its financial performance and its cash flows for the year then ended
in accordance with Malaysian Financial Reporting Standards and International Financial Reporting Standards.

Basis for opinion

We conducted our audit in accordance with approved standards on auditing in Malaysia and International
Standards on Auditing. Our responsibilities under those standards are further described in the Auditors’
Responsibilities for the Audit of the Financial Statements section of our auditors’ report. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence and other ethical Responsibilities

We are independent of the SC in accordance with the By-Laws (On Professional Ethics, Conduct and
Practice) of the Malaysian Institute of Accountants (By-Laws), and the International Ethics Standards Board
for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other
ethical responsibilities in accordance with the By-Laws and the IESBA Code.

Responsibilities of Board Members of the sc for the Financial statements

The Board Members are responsible for the preparation of financial statements of the SC that give a true
and fair view in accordance with Malaysian Financial Reporting Standards and International Financial
Reporting Standards. The Board Members are also responsible for such internal control as the Board Members
determine is necessary to enable the preparation of financial statements of the SC that are free from material
misstatement, whether due to fraud or error.

In preparing the financial statements of the SC, the Board Members are responsible for assessing the SC’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the Board Members either intend to liquidate the SC or to cease
operations, or have no realistic alternative but to do so.

Auditors’ Responsibilities for the Audit of the Financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements of the SC as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with approved standards on auditing in Malaysia and International Standards
on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.

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