Page 66 - Annual Report 2021

Overview Leadership Message Business Segment Moving Forward Our Resources Working for a Corporate Financial
Review Plan Better Tomorrow Governance statements

Independent Auditors’ Report

Crowe Malaysia PLT
201906000005 (LLP0018817-LCA) & AF 1018
Chartered Accountants
Level 16, Tower C, Megan Avenue II
12 Jalan Yap Kwan Seng
50450 Kuala Lumpur
Malaysia
Main +6 03 2788 9999
Fax +6 03 2788 9998
www.crowe.my
rEPOrt On tHE auDit OF tHE Financial statEMEnts

Opinion
We have audited the financial statements of UM Holdings Sdn. Bhd., which comprise the statements of financial position
as at 31 December 2021 of the Group and of the Company, and the statements of comprehensive income, statements of
changes in equity and statements of cash flows of the Group and of the Company for the financial year then ended, and
notes to the financial statements, including a summary of significant accounting policies, as set out on pages 12 to 53.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Group and
of the Company as at 31 December 2021, and of their financial performance and their cash flows for the financial year then
ended in accordance with Malaysian Private Entities Reporting Standard 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 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.

information Other than the Financial statements and auditors’ report thereon
The directors of the Company are responsible for the other information. The other information comprises the Directors’
Report but does not include the financial statements of the Group and of the Company and our auditors’ report thereon.

Our opinion on the financial statements of the Group and of the Company does not cover the Directors’ Report and we do
not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements of the Group and of the Company, our responsibility is to read
the Directors’ Report and, in doing so, consider whether the Directors’ Report is materially inconsistent with the financial
statements of the Group and of the Company or our knowledge obtained in the audit or otherwise appears to be materially
misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of the Directors’ Report, we are
required to report that fact. We have nothing to report in this regard.

Crowe Malaysia PLT is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Crowe Malaysia PLT and its
affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global. Crowe Global does not render any professional services and
does not have an ownership or partnership interest in Crowe Malaysia PLT.

66 UM Holdings Group