AUDIT COMMITTEE Principle 10: The Board has an Audit Committee (“AC”) which discharges its duties objectively. Roles, Responsibilities and Authority of AC The AC comprises the following three Directors, all the members, including its Chairman were independent: Fong Heng Boo – Chairman (Independent) Chong Wai Siak – Member (Independent) Koh Tee Huck Kenneth – Member (Independent) Provision 10.2 The profiles of each AC members are set out on pages 19 and 20 of this Annual Report. The Board is of the view that the members of the AC have recent and relevant accounting or related financial management knowledge, expertise and experience to discharge their responsibilities properly. Provision 10.2 None of the AC members are former partners or Directors of, or have any financial interests in, the Company’s existing auditing firm or auditing corporation. Provision 10.3 The role of the AC is to assist the Board in overseeing the adequacy and effectiveness of the overall system of internal control, the internal audit functions within the Group, the scope of audit by the external auditor as well as their independence. The AC’s roles and responsibilities are described in its terms of reference. The duties of the AC include: Provision 10.1 (i) reviewing the significant financial reporting issues and judgements so as to ensure the integrity of the financial statements of the Company and any announcements relating to the Company’s financial performance; (ii) reviewing at least annually the adequacy and effectiveness of the Group’s internal controls and risk management systems; (iii) reviewing the assurance from the CEO and the CFO on the financial records and financial statements; (iv) making recommendations to the Board on (i) the proposals to the shareholders on the appointment and removal of external auditors; and (ii) the remuneration and terms of engagement of the external auditors; (v) reviewing the adequacy, effectiveness, independence, scope and results of the external audit and the Company’s internal audit functions; (vi) reviewing the policy and arrangements for concerns about possible improprieties in financial reporting or other matters to be safely raised, independently investigated and appropriately followed up on; (vii) reviewing the risk management structure and any oversight of the risk management process and activities to mitigate and manage risk at acceptable levels determined by the Board; (viii) reviewing the assistance given by the Company’s officers to the external auditors; (ix) reviewing and discussing with the external 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 Group’s operating results or financial position, and Management’s response; (x) reviewing the interested person transaction in accordance with the Listing Manual of the SGX-ST (if any); (xi) meeting with the external auditors, and with the internal auditors, in each case without the presence of Management, at least annually; and (xii) reporting to the Board the significant issues and judgements that the AC considered in relation to the financial statements, and how these issues were addressed. 41 ANNUAL REPORT 2024 CORPORATE GOVERNANCE REPORT
RkJQdWJsaXNoZXIy NTkwNzg=