99 / 204
Independent
Auditors’ Report
To the members of Fima Corporation Berhad
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 2019, 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 100 to 189.
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 2019 and of their financial performance
and their cash flows for the year then ended in accordance with Malaysian Financial Reporting Standards (“MFRS”),
International Financial Reporting Standards (“IFRS”) 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 from production of security documents and net sale of oil palm products recognised by the Group
amounted to approximately RM134.8 million and RM102.8 million respectively. Given its magnitude and significant
volume of transactions involved, revenue recognition is identified as an area of focus in our audit.
financial
statements
95