AuditCommittee
TheAuditCommittee (“AC”)carriedout its functions inaccordancewithSection201B(5)of theSingaporeCompaniesAct,Cap.50, including the followingmain functions:
• reviewing the scope, changes, resultsand cost effectivenessof theexternal audit planandprocess;
• reviewing theGroup’squarterly and full year resultsannouncement, theaccountingprinciplesadoptedand theexternal auditor’s report on theannual financial
statementsof theGroupand theCompany before submitting suchdocuments to theBoard for approval;
• reviewing, with the internal auditors, the scopeof the internal audit procedures and the results of the internal audit,monitoring the responses to their findings
toensure that appropriate follow-upmeasuresare taken;
• reviewing the effectiveness of the Group and the Company’s material internal controls, including financial, operational and compliance controls and risk
management via reviews carriedout by the internal auditors;
• meetswith theexternal and internal auditorsandmanagement inseparateexecutivesessions todiscussanymatters that thesegroupsbelieveshouldbediscussed
privatelywith theAC;
• reviewing legal and regulatorymatters thatmay have amaterial impact on the financial statements, related compliance policies and programmes and any reports
received fromregulators;
• reviewing the independenceandobjectivity of theexternal auditors;
• reviewing thenatureandextent of non-audit servicesprovidedby theexternal auditors;
• recommending the reappointment of theexternal auditors to theBoard, approving the compensationof theexternal auditors, and resultsof theaudit;
• reviewing theassistancegivenby theCompany’sofficers to theauditors;
• reportsdiscussionsandactionsof theAC to theBoardof directorswith such recommendationsas theAC considersappropriate; and
• reviewing the interestedperson transactions inaccordancewith the requirementsof theSingaporeExchangeSecuritiesTradingLimited’sListingManual.
TheAC, having reviewedall non-audit servicesprovidedby theexternal auditors to theGroup, is satisfied that thenatureandextent of such serviceswouldnot affect
the independenceof theexternal auditors.
TheAChasheld fivemeetingsduring the year. TheAChasalsometwith internal andexternal auditors, without thepresenceof theCompany’smanagement, at least
oncea year.
Further details regarding theACaredisclosed in theCorporateGovernanceReport.
Auditors
Ernst&YoungLLPhaveexpressed theirwillingness toaccept reappointment asauditors.
Onbehalf of theboardof directors:
LimHoSeng
Chairman
DrBenetyChang
Chief ExecutiveOfficer
Singapore
8March2016
Directors’ statement
66
67
BAKERTECHNOLOGYlimited
ANNUAL REPORT 2015
