ANNUAL REPORT
2016
.51
6.
INDEPENDENT AUDITOR
RSM Chio Lim LLP has expressed their willingness to accept re-appointment.
7.
AUDIT COMMITTEE
The members of the audit committee at the date of this statement are as follows:
Ng Tiak Soon
(Chairman of the Audit Committee, Non-Executive and Lead Independent Director)
Tan Siok Sing
(Non-Executive Independent Director)
Lim Kim Quee
(Non-Executive Independent Director)
The audit committee performs the functions specified by section 201B (5) of the Act. Among other functions, it
performed the following:
¡Ş
Reviewed the half year and full year financial statements and results announcements, material announcements,
and all related disclosures to shareholders before submission to the Board for approval;
¡Ş
Reviewed the audit plan and audit report of the company¡¯s internal and external auditors and ensured the
adequacy of the company¡¯s system of accounting controls and the co-operation given by management to
the external and internal auditors;
¡Ş
Reviewed the annual financial statements and also discussed with management, the Group Financial
Controller and the external auditors the significant accounting policies, judgements and estimates applied by
management in preparing the annual financial statements. Following the review and discussions, the audit
committee then recommended to the Board for approval of the audited financial statements;
¡Ş
Recommended to the Board for re-appointment of RSM Chio Lim LLP as independent external auditors of
the company for the ensuing year;
¡Ş
Undertook a review of the independence and objectivity of the external auditors through discussions with the
external auditors as well as reviewing the non-audit fees awarded to them;
¡Ş
Reviewed the nature and extent of non-audit services provided by the external auditors;
¡Ş
Reviewed the reports and findings from the internal auditors; and
¡Ş
Reviewed the group¡¯s interested person transactions to ensure that the transactions were carried out on
normal commercial terms and are not prejudicial to the interests of the company or its non-controlling
shareholders.
STATEMENT
BY DIRECTORS
