BAKERTECHNOLOGYLIMITED
ANNUALREPORT2013
71
Directors’Report
AuditCommittee
The Audit Committee (“AC”) carried out its functions in accordance with Section 201B(5) of the Singapore Companies Act, Cap. 50,
including the followingmain functions:
1.
reviewing the scope, changes, results and cost effectiveness of the external audit plan and process;
2.
reviewing the Group’s quarterly and full year results announcement, the accounting principles adopted and the external auditor’s
report on the financial statements of theGroup before submitting such documents to the Board for approval;
3.
reviewing,with the internal auditors, the scopeof the internal audit procedures and the results of the internal audit,monitoring the
responses to their findings to ensure that appropriate follow-upmeasures are taken;
4.
reviewing the effectiveness of the Group’s material internal controls, including financial, operational and compliance controls and
riskmanagement via reviews carried out by the internal auditors;
5.
meets with the external and internal auditors and management in separate executive sections to discuss any matters that these
groups believe should be discussed privatelywith theAC;
6.
reviewing the independence and objectivity of the external auditors;
7.
recommending the reappointment of the external auditor to the Board;
8.
reviewing the assistance given by theCompany’s officers to the auditors;
9.
reportsdiscussions andactionsof theAC to theBoardof directorswith such recommendations as theAC considers appropriate; and
10. reviewing the interested person transactions in accordance with the requirements of the Singapore Exchange Securities Trading
Limited’s ListingManual.
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 serviceswould not affect the independence of the external auditor.
The AC has held five meetings during the year. The AC has also met with internal and external auditors, without the presence of the
Company’smanagement, at least once a year.
Further details regarding theAC are disclosed in theCorporateGovernance Report.
