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A N N U A L R E P O R T 2 0 1 5
T H E S T R E N G T H O F O U R B R A N D S
(ii)
To serve as an independent and objective party to review the financial information presented by the Management to
shareholders, regulators and the general public. In pursuance of this function, the duties of the Audit Committee shall
include, amongst other things, the following:
(a)
Review the Company’s key financial risk areas, with a view to providing an independent oversight on the Group’s
financial reporting, and make the appropriate disclosure to the Board and in the Company’s annual report;
(b)
Monitor the integrity of the financial information on the relevance and consistency of the accounting standards
used and to review the financial statements, significant financial reporting issues and judgements of the
Company and of the Group with the Management and external auditors before submission to the Board; and
(c)
Review the half year and full year financial statements and results announcements before submission to the
Board for approval.
(iii)
To examine the adequacy of the Company’s internal controls, and evaluate adherence. In pursuance of this function,
the duties of the Audit Committee, shall include, amongst others, the following:
(a)
Exercise authority to investigate any matter within its terms of reference, with full access to and co-operation by
the Company’s management and full discretion to invite any director or executive officer to attend its meetings,
and reasonable resources to enable the Audit Committee to discharge its functions properly;
(b)
Review and report to the Board at least annually the adequacy and effectiveness of the Company’s internal
controls, including financial, operational, compliance and information technology controls;
(c)
Review and discuss with the auditors any suspected fraud or irregularity, or suspected infringement of any
relevant laws, rules or regulations, which has or is likely to have a material impact on the Company’s operating
results or financial position, and the Management’s response;
(d)
Commission and review the findings of internal investigations into matters where there is any suspected fraud
or irregularity, or failure of internal controls or infringement of any laws, rules or regulations which has or is
likely to have a material impact on the Company’s operating results and/or financial position;
(e)
Review policies and arrangements by which staff of the Company and any other persons may in confidence,
raise concerns about possible improprieties in matters of financial reporting or other matters and ensure that
arrangements are in place for such concerns to be raised and independently investigated and for appropriate
follow up action;
(f)
Review transactions (if any) falling within the scope of Chapter 9 and Chapter 10 of the Catalist Rules;
(g)
Review potential conflicts of interest (if any) and set out a framework to resolve or mitigate any potential
conflicts of interests; and
(h)
Review and approve foreign exchange hedging policies and instruments (if any) implemented by the Group and
conduct periodic review of foreign exchange transactions and hedging policies and procedures.
Summa r y o f t he Aud i t Commi t t e e ’ s Ac t i v i t i e s
The Audit Committee will meet at least twice a year to review the announcement of the half year and full year financial results
before being approved by the Board for release to the SGX-ST.
The Audit Committee met four times in FY2015. Details of members and their attendance at meetings are provided in page 31.
The Executive Chairman and CEO, Executive Director and Deputy CEO, CFO, Company Secretary, internal auditors and external
auditors were invited to these meetings.
For FY2015, the Audit Committee has met with external and internal auditors, without the presence of management.
