Padini no serious misrepresentation, fraud or error

Padini Holdings Berhad’s financial statements are prepared according to (“MFRSs”), (“IFRSs”) and Companies Act 2016 in Malaysia with a true and fair view.

Except as otherwise provided in the financial statement, the financial statements of the Group and Company are prepared according to the historical cost convention. In addition, directors must exercise their judgement in the process of implementing accounting policies. Area involving these judgements, estimates and assumptions are disclosed in note to the financial statements (Annual Report, 2016).The Directors are responsible for the internal control, because the decision of the directors is necessary, so that they can prepare the group and the company’s financial statements, and these financial statements is that there is no serious misrepresentation, fraud or error (Annual Report, 2017).

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In preparing the financial statements, the directors of Padini are responsible for the evaluation of Group and Company’s ability to continue as a going concern and, where applicable, the disclosure of matters related to continuing operations and the use of going concern basis of accounting unless the directors intend to liquidate the group or company or stop operation, or has no realistic choice but to do so (Annual Report, 2017).


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