Page 214 - SC SCAR 2023 ENGLISH Flipbook

PART 5 ORGANISATION INFORMATION
INDEPENDENT AUDITORS’ REPORT
TO THE BOARD MEMBERS OF THE SECURITIES COMMISSION MALAYSIA
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Our opinion
In our opinion, the financial statements of the Securities Commission Malaysia (SC) give a true and fair view of the financial position of the SC as at 31 December 2023, and of its financial performance and its cash flows for the financial year then ended in accordance with the Malaysian Financial Reporting Standards and International Financial Reporting Standards.
What we have audited
We have audited the financial statements of the SC, which comprise the statement of financial position as at 31 December 2023, and the statement of comprehensive income, statement of changes in reserves and statement of cash flows for the financial year then ended, and notes to the financial statements, comprising material accounting policy information and other explanatory information, as set out on pages 176 to 209.
Basis for opinion
We conducted our audit in accordance with approved standards on auditing in Malaysia and the 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 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
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’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code.
Responsibilities of the Board Members for the financial statements
The Board Members are responsible for the preparation of the financial statements of the SC that give a true and fair view in accordance with the 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 the 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
212 SECURITIES COMMISSION MALAYSIA ANNUAL REPORT 2023