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STAMFORD LAND CORPORATION LTD
Directors’ Report
The audit committee performs the functions specifed by section 201B(5) of the Companies Act,
Chapter 50. Among others, it performed the following functions:
● Reviewed with the independent external auditors their audit plan;
● Reviewed with the independent external auditors their evaluation of the Company’s internal
accounting control, and their report on the fnancial statements and the assistance given by
the Company’s offcers to them;
● Reviewed with the internal auditors the scope and results of the internal audit procedures;
● Reviewed the fnancial statements of the Group and the Company prior to their submission
to the directors of the Company for adoption; and
● Reviewed the interested person transactions (as defned in Chapter 9 of the Listing Manual
of SGX).
Other functions performed by the audit committee are described in the report on corporate
governance included in the annual report. It also includes an explanation of how independent
auditors’ objectivity and independence are safeguarded where the independent auditors provide
non-audit services.
The audit committee has recommended to the board of directors that the independent external
auditors, KPMG LLP, be nominated for re-appointment as independent auditors at the next
annual general meeting of the Company.
9 Internal Controls
Based on the internal controls established and maintained by the Group, work performed by
the internal and external auditors, and reviews performed by management, various Board
Committees and the Board, the Audit Committee and the Board are of the opinion that the
Group’s internal controls, addressing fnancial, operational and compliance risks, were adequate
as at 31 March 2012.
10 Independent Auditors
The independent auditors, KPMG LLP, have expressed their willingness to accept re-appointment.