Audit Committee
Principle 12: The Board should establish an Committee Audit
with written terms of reference which clearly set out
its authority and duties.
The Board established the AC in March 2003 which currently consists of three
independent directors, namely, Mr Christopher Chong Meng Tak, Mr Andre
Yeap Poh Leong and Mr Tan Sek Khee. The Board considers Mr Christopher
Chong Meng Tak, a member of the Institute of Chartered Accountants of
Scotland and a Fellow of both the Australian and Hong Kong Institute of CPAs
and who has extensive and practical financial management knowledge and
experience, well qualified to chair the AC. Mr Tan Sek Khee has considerable
practical financial management experience. The members of the AC,
collectively, have considerable legal, financial management expertise and
also business experience to discharge their duties. The operations of the AC
are regulated by its terms of reference, which were approved and are subject
to periodic review by the Board. The AC meets at least four times a year.
The duties of the AC include reviewing with the internal auditors, external
auditors and management, the Group’s policies and control procedures,
interested person transactions, as well as any financial information presented
to shareholders. Specifically, the AC:
-
reviews the audit plan and results of external audit, the cost effectiveness
of the audit, the independence and objectivity of the external auditors
and the nature and extent of non-audit services provided by the
external auditors;
-
reviews the quarterly results announcements before submission to the
Board for adoption;
-
reviews the audited annual financial statements of the Group,
accounting principles and policies thereto and management of financial
matters before endorsement by the Board;
-
reviews the internal audit plan, the adequacy of the internal control
procedures and their evaluation of the effectiveness of the internal
control systems, including financial, operational, compliance and
information technology controls and risk management;
-
reviews findings and recommendations of the internal and external
auditors and evaluation of the internal control systems of the Group and
related management responses and actions to correct any deficiencies;
-
reviews the co-operation given by the Company’s officers to the internal
and external auditors;
-
recommends to the Board on the appointment, re-appointment and
removal of internal and external auditors and approves their fees; and
-
reviews interested person transactions in accordance with the
requirements of the SGX-ST Listing Manual.
Governance
Disclosure Guide
ASL Marine Holdings Ltd.
Annual Report 2016
47
