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ANNUAL REPORT 2015/2016
CORPORATE GOVERNANCE STATEMENT
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management expertise and accounting experience to discharge the ARMC’s functions. The ARMC, as
guided by its terms of reference, performs the functions as set out in the 2012 Code, which include:
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audit fees, cost effectiveness of the audit and the independence and objectivity of the external
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statements of the Group and of the Company as well as the auditors’ report thereon before
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The ARMC through the assistance of internal and external auditors, reviews and reports to the Board
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including financial, operational and compliance controls. In assessing the effectiveness of internal
controls, the ARMC ensures primarily that key objectives are met, material internal controls are tested,
material assets are properly safeguarded, fraud or errors in the accounting records are prevented or
detected, accounting records are accurate and complete, and reliable financial information is prepared
in compliance with applicable internal policies, laws and regulations.
Following the nomination of the ARMC to assist the Board in its risk management role, the ARMC
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have been identified, reviewed and monitored as part of the enterprise risk management process.
