The policy aims to encourage the reporting of such matters in good faith,
with the confidence that any employees making such reports will be treated
fairly and be protected from reprisal. Details of the whistle-blowing policy
have been made available to all employees. There were no reports received
through the Company’s whistle-blowing mechanism during the financial year
under review.
Internal Audit
Principle 13: The company should establish an internal effective
audit function that is adequately resourced and
independent of the activities it audits.
The role of the internal auditors is to assist the AC to ensure that the Group
maintains a sound system of internal controls by regular monitoring of key
controls and procedures, ensuring their effectiveness and undertaking
investigations as directed by the AC.
The Group outsources its internal audit function to a professional service firm,
BDO LLP in January 2012, who is independent of the Company’s business
activities. An audit plan over a 3 year audit cycle that is approved by the AC
that covers the Group’s main business processes of its major subsidiaries has
been approved and adopted. Summary of findings and recommendations
are discussed at the AC meetings and the status of implementation of the
actions agreed by management is tracked and reported to the AC. BDO LLP
reports directly to the AC on audit matters and the Group Financial Controller
on administrative matters.
The International Standards for the Professional Practice of Internal Auditing
set by the Institute of Internal Auditors are used as a reference and guide
by the Company’s internal auditors. The annual conduct of audit by the
internal auditors assesses the effectiveness of the Group’s internal control
procedures and provides reasonable assurance to the AC that the Group’s
risk management, controls and governance processes are adequate
and effective.
The AC will also assess the effectiveness of the internal audit, on an annual
basis, by examining the scope of the internal audit work and its independence,
the internal auditor’s report and its relationship with the external auditor.
Governance
Disclosure Guide
Guideline 13.1:
Does the Company have an
internal audit function? If
not, please explain why.
ASL Marine Holdings Ltd.
Annual Report 2016
49
