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F i m a C o r p o r at i o n B e r h a d ( 2 1 1 8 5 - P ) •
A n n u a l R e p o r t 2 0 1 8
Independent auditors’ report
t o t h e m e mb e r s o f F i m a C o r p o r at i o n B e r h a d
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the financial statements of the Group and of the Company, which comprise the statements of financial position
as at 31 March 2018, and statements of comprehensive income, statements of changes in equity and statements of cash flows of
the Group and of the Company for the year then ended, and notes to the financial statements, including a summary of significant
accounting policies, as set out on pages 95 to 174.
In our opinion, the accompanying financial statements of the Group and of the Company give a true and fair view of the financial
position of the Group and of the Company as at 31 March 2018 and of their financial performance and their cash flows for the year
then ended in accordance with Financial Reporting Standards (“FRS”) and the requirements of the Companies Act, 2016 in Malaysia.
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 report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Independence and other ethical responsibilities
We are independent of the Group and of the Company 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.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the Group and of the Company for the current year. These matters were addressed in the context of our audit of the
financial statements of the Group and of the Company as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in
that context.
We have fulfilled the responsibilities described in the
Auditors’ responsibilities for the audit of the financial statements
section of our
report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond
to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including
the procedures performed to address the matters below, provide the basis of our audit opinion on the accompanying financial
statements.
Revenue recognition
(Refer to Note 3 to the financial statements)
Revenue fromproduction of security documents and net sale of oil palmproducts recognised by theGroup amounted to approximately
RM278.9 million. Given its magnitude and significant volume of transactions involved, revenue recognition is identified as an area
of focus in our audit.