7.
Audit committee
At the date of this report, the Audit Committee comprises the following members, all of whom are independent:
Tan Cher Liang (Chairman)
Prabhakaran S/O Narayanan Nair
Wong Ah Long
The Audit Committee has held four meetings since the last Statement by Directors and carried out its functions in
accordance with section 201B(5) of the Act, the Listing Manual and the Code of Corporate Governance 2012 which
include the following:
•
reviewing the Group’s financial statements, and significant financial reporting issues and judgements so as to
ensure the integrity of the financial statements and any formal announcements relating to the Group’s financial
performance before their submission to the board of directors;
•
reviewing the audit plans and reports of the internal and external auditors and to consider the effectiveness of
the actions taken by management on the auditors’ recommendations;
•
ensuring that management provides assistance and co-operation to the internal and external auditors;
•
evaluating the adequacy and effectiveness of the Group’s internal controls by,
inter alia
, reviewing the reports
of the internal and external auditors, and management’s responses and actions to correct any deficiencies and
reporting the same to the board of directors at least annually;
•
reviewing the adequacy and effectiveness of the Group’s internal audit function;
•
making recommendations to the board of directors on the appointment, re-appointment and removal of the
external auditors;
•
approving the remuneration and terms of engagement of the external auditors;
•
reviewing the independence and objectivity of the external auditors at least annually; and
•
reviewing interested person transactions (as defined in the Listing Manual).
In addition, the Audit Committee is tasked to commission independent investigations of any suspected fraud or
irregularity, which has or is likely to have a material impact on the Group’s operating results or financial position, and
to review the findings of such investigations. The Audit Committee has reasonable resources to enable it to discharge
its responsibilities properly. It has full access to, and the co-operation of, management and full discretion to invite any
director or key executive to attend its meetings.
The Audit Committee also meets with the internal auditors and external auditors without management, at least annually
and whenever necessary to review the adequacy of audit arrangements, with emphasis on the scope and quality of
audit and the independence and objectivity of the auditors.
The Company has complied with Rules 712 and 715 of the Listing Manual in the appointment of its external auditors.
The Audit Committee and the board of directors confirmed that they are satisfied that the appointment of different
auditors for the Group’s subsidiaries and associates would not compromise the standard and effectiveness of the audit
of the Group.
No non-audit services were rendered by the external auditors during the reporting year. The Audit Committee is satisfied
with the independence and objectivity of the external auditors and has recommended to the board of directors that the
external auditors, RSM Chio Lim LLP, be nominated for re-appointment as auditors at the forthcoming Annual General
Meeting of the Company.
statement by
directors
• e x p e r i e n c i n g
k i n g s m e n
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