6. Audit Committee The Audit Committee comprises the following members, who are all Non-Executive Directors and a majority of whom, including the Chairman, are Independent Directors. The members of the Audit Committee at the date of this statement are: Fong Heng Boo (Chairman) Chong Wai Siak Koh Tee Huck Kenneth The Audit Committee has met 5 times during the financial year ended 30 September 2024. The Audit Committee carries out its functions in accordance with Section 201B (5) of the Act, and the Code of Corporate Governance, including the following: (a) review with the external auditors the audit plans, their evaluation of the system of internal controls relevant to the audit, their audit report, their management letter and the management’s response; (b) review with the internal auditors the internal audit plans and their evaluation of the adequacy of the internal control and accounting system before submission of the results of such review to the Board for approval prior to the incorporation of such results in the annual report (where necessary); (c) review 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; (d) review the internal control and procedures relevant to the audit and ensure co-ordination between the external auditors, internal auditors and the management, and review the assistance given by the management to the auditors, and discuss problems and concerns, if any, arising from the interim and final audits, and any matters which the auditors may wish to discuss (in the absence of the management where necessary); (e) review the statement of financial position and statement of changes in equity of the Company and the consolidated financial statements of the Group and external auditors’ report on those financial statements before their submission to the Directors of the Company; (f) review the co-operation and assistance given by the Company’s officers to the external and internal auditors; (g) review the quarterly and half-yearly financial statements and results announcements before submission to the Board for approval, focusing in particular, on changes in accounting policies and practices, major risk areas, significant adjustments resulting from the audit, the going concern statement, compliance with accounting standards as well as compliance with any stock exchange and statutory/regulatory requirements; (h) review and discuss 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 the management’s response; (i) consider the appointment or re-appointment of the external auditors and matters relating to resignation or dismissal of the auditors; (j) review transactions falling within the scope of Chapter 9 and Chapter 10 of the SGX-ST Listing Manual (if any); (k) review potential conflicts of interest (if any) and to set out a framework to resolve or mitigate any potential conflicts of interests; (l) review the effectiveness and adequacy of the administrative, operating, internal accounting and financial control procedures; (m) review the key financial risk areas, with a view to providing an independent oversights on the Group’s financial reporting, the outcome of such review to be disclosed in the annual reports or the findings are material, immediately announced via SGXNet; (n) undertake such other reviews and projects as may be requested by the Board and report to the Board its findings from time to time on matters arising and requiring the attention of the Audit Committee; 51 ANNUAL REPORT 2024 DIRECTORS’ STATEMENT
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