DIRECTORS’ STATEMENT
60
ASL Marine Holdings Ltd.
Annual Report 2016
Audit Committee
The Audit Committee (“AC”) carried out its functions in accordance with Section 201B(5) of the Singapore
Companies Act, Chapter 50, including the following:
• Reviewed the audit plans of the internal and external auditors of the Group and the Company,
and reviewed the internal auditors’ evaluation of the adequacy of the Group’s system of internal
accounting controls and the assistance given by management to the external and internal auditors;
• Reviewed the quarterly and annual financial statements and the auditor’s report on the annual
financial statements of the Group and the Company before their submission to the Board of
Directors;
• Reviewed effectiveness of the Group’s material internal controls, including financial, operational
and compliance controls and risk management via reviews carried out by the internal auditors;
• Met with the external auditor, other committees, and management in separate executive sessions
to discuss any matters that these groups believe should be discussed privately with the AC;
• Reviewed legal and regulatory matters that may have a material impact on the financial statements,
related compliance policies and programmes and any reports received from regulators;
• Reviewed the cost effectiveness and the independence and objectivity of the external auditor;
• Reviewed the nature and extent of non-audit services provided by the external auditor;
• Recommended to the Board of Directors the external auditor to be nominated, approved the
compensation of the external auditor and reviewed the scope and results of the audit;
• Reported actions and minutes of the AC to the Board of Directors with such recommendations as
the AC considered appropriate; and
• Reviewed interested person transactions in accordance with the requirements of the SGX-ST’s
Listing Manual.
The AC, having reviewed all non-audit services provided by the external auditor to the Group, is satisfied
that the nature and extent of such services would not affect the independence of the external auditor.
The AC has also conducted a review of interested person transactions.
The AC convened five meetings during the year with full attendance from all members, except for one
where a member was absent. The AC has also met with internal and external auditors, without the
presence of the Company’s management, at least once a year.
Further details regarding the AC are disclosed in the Report on Corporate Governance.
