Our Audit Committee is guided by the following guidelines/principles which determines its responsibilities:
- Assisting the Board in maintaining a high standard of corporate governance by providing an independent review of the effectiveness of the financial reporting system, management of financial, operational and compliance risks, and monitoring of the internal control systems;
- Reviewing the audit plans and report to the Audit Committee by the external auditors and ensuring the adequacy of the Group’s system of accounting controls;
- Reviewing the internal audit plans and report of the Group and follow up actions for effective internal control functions of the Group;
- Reviewing the financial statements of the Group before their submission to the Board and before their announcement;
- Reviewing legal and regulatory matters that may have a material impact on the financial statements, related compliance policies and programs and any reports received from regulators.;
- Reviewing the cost effectiveness, the independence and objectivity of the external auditors;
- Reviewing the nature and extent of non-audit services provided by the external auditors; Reviewing the assistance given by the Group’s officers to the internal and external auditors;
- Making recommendations to the Board on the appointment, re-appointment and removal of external auditors, and approving the remuneration and terms of engagement of the external auditors;
- Reviewing the Group’s compliance with such functions and duties as may be required under the relevant statutes or the Listing Manual, and by such amendments made thereto from time to time;
- Reviewing interested person transactions in accordance with the requirements of the Listing Manual of the SGX-ST; and
- Reviewing the adequacy of the Group’s internal controls.
The AC currently assumes the responsibility of the risk management function:
- The AC with the assistance of internal and external auditors and Management assumes the responsibility of the risk management function
- Management reviews regularly the Group’s business and operational activities to identify areas of significant risks as well as appropriate measures to control and mitigate these risks
Management reviews all significant policies and procedures and highlights all significant matters to the Board and the AC.