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. Key audit matters How our audit addressed the key audit matters Revenue recognition for sales of electricity Refer to Note 31 - Revenue Sales of electricity of RM51,713.2 million and RM48,223.3 million is the most significant component of the Group’s and the Company’s revenue, respectively, for the financial year ended 31 December 2023. Revenue from sales of electricity is based on the end customers’ consumption and the related tariff rates, which are governed by the Incentive Based Regulations imposed by the Energy Commission. We focused on the revenue recognition for sales of electricity as it involves the use of complex billing andaccounting systems to process large volumes of data with different tariffs based on respective customer categories and consumption. We performed the following audit procedures: • Tested the overall information technology general controls of the billing and accounting systems recording the revenue transactions; • Tested the application controls within the billing systems over the following: - maintenance of tariff rates in the billing systems; - accuracy of calculation of amounts billed to customers; and - recording of revenue transactions; • Tested the billings and revenue adjustments on a sampling basis to assess whether the revenue recognised and revenue adjustments are valid and recorded accurately; and • Examined the correspondence with the Energy Commission and assessed whether there were any material matters that would affect revenue recognition. Based on the above procedures performed, we did not find any material exceptions. Reinvestment allowance (‘RIA’) claims Refer to Note 4 – Critical Accounting Estimates and Judgements and Note 42 - Contingent Liabilities and Material Litigations The Inland Revenue Board (‘IRB’) had disallowed the Company’s RIA claims for the Years of Assessment (‘YAs’) 2013, 2014, 2015, 2016, 2017 and 2018 and had