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CORPORATE GOVERNANCE
(c) reviewing the co-operation given by the Company’s offcers to the external auditors;
(d) reviewing the signifcant fnancial reporting issues and judgments so as to ensure the integrity of the fnancial statements of the Company
and the Group and any formal announcements relating to the Company’s fnancial performance.
(e) reviewing the independence of the external auditors annually and where the external auditors also provide a substantial volume of non-audit
services to the Company, keep the nature and extent of such service under review, seeking to maintain objectivity;
(f) making recommendations to the Board on the proposals to shareholders on the appointment, re-appointment and removal of the external
auditors, and approving the remuneration and terms of the engagement of the external auditors;
(g) reviewing the policy and arrangements by which staff of the Company and any other persons may, in confdence, raise concerns about
possible improprieties in matters of fnancial reporting or other matters (whistle-blowing policy);
(h) reviewing and reporting to the Board at least annually, on the adequacy and effectiveness of the Company’s internal controls. Review of the
Company’s internal controls may be carried out with the assistance of externally appointed professionals;
(i) approval of the hiring, removal, evaluation and compensation of the head of the internal audit function or the accounting/ auditing frm or
corporation to which the internal audit function is outsourced;
(j) reviewing whether the internal audit function is adequately resourced, is independent of the activities it audits, and has appropriate standing
within the Company. The internal audit function can either be in-house, outsourced to a reputable accounting/auditing frm, or performed by
a major shareholder, holding company, parent company or controlling enterprise with an internal audit staff;
(k) reviewing, at least annually, the adequacy and effectiveness of the Company’s internal audit function;
(l) meeting with (a) the external auditors, and (b) the internal auditors, in each case without the presence of Management, at least annually;
(m) commissioning and reviewing the fndings of internal investigations into matters where there is suspicion of fraud or irregularity or failure of
internal controls or infringement of any Singapore law, rule or regulation, which has or is likely to have a material impact on the Company
and the Group’s operating results and/or fnancial position; and
(n) generally, performing such other functions and duties as may be required by the relevant laws or provisions of the Catalist Rules and the
Code (as may be amended from time to time).
The AC will meet with the external and/or internal auditors without the presence of the Company’s Management at least annually to review
the Management’s level of cooperation and other matters that warrants the AC’s attention. The AC has met with the external auditors and the
internal auditors without the presence of the Management during the fnancial year under review. The AC has reasonable resources to enable it to
discharge its functions properly.
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Annual Report 2014 •