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Annual Report 2020
128
kumpulan Fima Berhad
(197201000167)(11817-V)
Independent Auditors’ Report
To the members of Kumpulan Fima Berhad (Incorporated in Malaysia)
Report on the 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 2020 of the Group and of the Company, 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 132 to 219.
In our opinion, the accompanying financial statements of the Group and the Company give a true and fair view of the financial
position of the Group and of the Company as at 31 March 2020, 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 Standard
(“IFRS”) and the requirements of the Companies Act, 2016 in Malaysia.
Basis for opinion
We conducted our audit in accordancewith approved standards on auditing inMalaysia 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 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.
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. We have determined that there are no key audit matters to
communicate in our report on the financial statements of the Company. The key audit matter for the financial statements of the
Group is described below. These matters were addressed in the context of our audit of the financial statements of the Group 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, net sale of oil palm products, sales of food products and provision of bulking
services recognised by the Group amounted to approximately RM134 million, RM123.5 million, RM131.8 million and RM106.6 million
respectively. Given its magnitude and significant volume of transactions involved, revenue recognition is identified as an area of focus
in our audit.