CORPORATE GOVERNANCE STATEMENT
36
Audit Committee
Principle 12: Audit Committee
Principle 13: Internal Audit
The AC of the Company comprises four members, all of whom are Independent Non-executive Directors.
The AC Chairman and members have the relevant accounting and financial management expertise or
experience to discharge their responsibilities:
Ho Chew Thim, Raymond
Chairman, Independent Director
Leow David Ivan
Member, Independent Director
Ng Chee Keong
Member, Independent Director
Sunny Wong Fook Choy
Member, Lead Independent Director
The AC carried out its functions in accordance with Section 201B (5) of the Singapore Companies Act. In
performing those functions, the committee carried out the following:
• Reviewed the scope and results of internal audit procedures with the Internal Auditor and the
effectiveness of the Company’s internal audit function;
• Reviewed the adequacy of the Group’s internal controls, including financial, operational compliance
and information technology controls and risk management policies and systems;
• Reviewed with the Independent Auditor the audit plan and its report on the weaknesses of internal
accounting controls, if any, arising from the statutory audit;
• Reviewed the assistance given by management to the Independent Auditor, and discusses problems
and concerns, if any, arising from the statutory audit, with the management;
• Reviewed the balance sheet of the Company and the consolidated financial statements of the Group
for the financial year before their submission to the Board of Directors, as well as the Independent
Auditor’s report on the balance sheet of the Company and the consolidated financial statements of
the Group;
• Reviewed the quarterly and annual financial statements of the Group before submission to the
Board for approval, focusing, in particular, on changes in accounting policies and practices, major
risk areas, significant adjustments resulting from the audit, compliance with accounting standards
as well as compliance with any stock exchange and statutory/regulatory requirements;
• Reviewed and discussed with the Independent Auditor any suspected fraud and irregularity, or
suspected infringement of any relevant laws, rules and regulations, which has or is likely to have a
material impact on the Group’s operating results or financial position, and management response;
• Reviewed non-audit services performed by the Independent Auditor to ensure that the nature and
extent of such services will not prejudice the independence and objectivity of the Independent
Auditor before recommending to the Board;
• Reviewed the independence and objectivity of the Independent Auditor;
• Evaluated quality of work carried out by Independent Auditor;
• Considered the appointment and re-appointment of the Independent Auditor and approve the
remuneration and terms of engagement of the Independent Auditor; and
• Reviewed transactions falling within the scope of Chapter 9 of the Singapore Exchange Securities
Trading Limited (“SGX-ST”) Listing Manual.
