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ANNUAL REPORT 2011/2012
3. ACCOUNTABILITY AND AUDIT
Accountability (Principle 10)
Audit Committee (Principle 11)
The Audit Committee (“AC”) comprises three non-executive and independent directors. Not less
than two members have accounting or related fnancial management expertise or experience.
The members are:
Mr Wong Hung Khim Chairman
Dr Tan Chin Nam Member
Mr Mark Anthony James Vaile Member
The AC performs the following main functions:
● Nominates the external auditors for appointment or re-appointment and reviews the level of
audit fees
● Reviews the audit plans and scope of work of the internal and external auditors
● Reviews the fndings of the internal and external auditors and the response frommanagement
● Reviews the internal and external auditors’ evaluation of the adequacy of the Group’s system
of accounting and internal controls
● Reviews any interested person transactions
● Reviews the Group’s quarterly and annual results’ announcements and the fnancial
statements of the Group and of the Company as well as the auditors’ report thereon before
they are submitted to the Board for approval
● Reviews legal and regulatory matters that may have a material impact on the fnancial
statements
● Reports actions and minutes of the AC to the Board
● Reviews the cost effectiveness of the audit and the independence and objectivity of the
external auditors
The AC is given full access to, and receives full cooperation from the management. The AC has
full discretion to invite any director or management staff to attend its meetings. It is empowered
to investigate any matters relating to the Group’s accounting, auditing, internal controls and/or
fnancial practices that are brought to its attention. It has full access to records, resources and
personnel to enable it to discharge its functions properly and effectively.
Corporate Governance Statement