Sustainability and Governance Report
[Corporate GOVERNANCE
The system of internal controls provides reasonable assurance against material financial misstatements or loss and includes the safeguarding of assets, the maintenance of proper
accounting records, the reliability of financial information, compliance with appropriate legislation, regulation and best practices and the identification and management of business
risks.
The Board acknowledges that no system of internal controls can provide absolute assurance against the occurrence of material errors, poor judgement in decision-making, human
error, fraud or other irregularities.
Internal Audit
The Audit Committee's responsibility in overseeing that the Company's risk management system and internal controls are adequate is complemented by the Company's appointment
of Baker Tilly Consultancy (Singapore) Pte. Ltd. as the internal auditor of the Company. The internal auditor has adopted the Standards for the Professional Practice of Internal
Auditing set by The Institute of Internal Auditors.
The internal auditor reports directly to the Chairman of the Audit Committee on audit matters. The internal auditor will plan its audit work in consultation with, but independent of,
Management, and its annual internal audit plan will be submitted to the Audit Committee for approval. The internal auditor will report to the Audit Committee on its findings. The Audit
Committee will meet the internal auditor on an annual basis, without the presence of Management. The internal auditor has full access to all the Company's documents, records,
properties and personnel including access to the Audit Committee.
The Audit Committee will, at least annually, review the adequacy, effectiveness and independence of the internal audit function. During the financial year under review, internal audit
reviews were conducted on the operations of four subsidiaries within the Group.
Based on a review on the internal audit function and activities performed, the Audit Committee is of the view that the internal auditor is independent, effective, qualified and
adequately resourced.
Whistle-Blowing Policy
A Whistle-Blowing Policy is also in place to provide an avenue through which employees may report or communicate, in good faith and in confidence, any concerns relating to
financial and other matters, so that independent investigation of such matters can be conducted and appropriate follow-up action taken. The Audit Committee Chairman is in charge
of managing this specific area. The Whistle-Blowing Policy has been reviewed by the Audit Committee to ensure that it has been properly implemented.
The Board is accountable to the shareholders while the management is accountable to the Board. The Board is mindful of the obligation to provide timely and fair disclosure of
material information, and avoids selective disclosure.
Principle 10: Audit Committee
The Board has an Audit Committee which discharges its duties objectively.
The Audit Committee is chaired by Mr Wong King Kheng and its members are Mr Anthony Clifford Brown and Ms Heng Su-Ling, Mae. All three members are independent of the
Company, who bring with them invaluable managerial and professional expertise in the financial, legal and business management spheres.
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