. 71
ANNUAL
REPORT
20 1 7
THE BE ST
I N US
AUDITCOMMITTEE
Theauditcommittee (“AC”)carriedout its functions inaccordancewithSection201B (5)of theSingaporeCompanies
Act, Chapter 50, including the followingmain functions:
•
reviewing the scope, changes, results andcost effectiveness of theexternal audit plan andprocess;
•
reviewing the Group’s quarterly and full year results announcement, the accounting principles adopted
and the external auditor’s report on the annual financial statements of theGroup and theCompany before
submitting suchdocuments to theBoard for approval;
•
reviewing,with the internal auditors, thescopeof the internal auditproceduresand the resultsof the internal
audit,monitoring the responses to their findings toensure that appropriate follow-upmeasures are taken;
•
reviewing the effectiveness of theGroup and theCompany’smaterial internal controls, including financial,
operational andcompliancecontrols and riskmanagement via reviews carriedout by the internal auditors;
•
meetswith theexternal and internal auditorsandmanagement in separateexecutive sessions todiscussany
matters that thesegroups believe shouldbediscussedprivatelywith theAC;
•
reviewing legal and regulatorymatters thatmay have amaterial impact on the financial statements, related
compliancepolicies andprogrammes and any reports received from regulators;
•
reviewing the independence andobjectivityof theexternal auditors;
•
reviewing thenature andextent of non-audit services providedby theexternal auditor;
•
recommending the reappointment of theexternal auditor to theBoard, approving thecompensationof the
external auditor, and results of the audit;
•
reviewing the assistancegivenby theCompany’s officers to the auditors;
•
reports discussions and actions of the AC to the Boardof directorswith such recommendations as the AC
considers appropriate; and
•
reviewing the interestedperson transactions inaccordancewith the requirementsof theSingaporeExchange
Securities Trading Limited’s ListingManual.
The AC, having reviewed all non-audit services provided by the external auditor to theGroup, is satisfied that the
nature andextent of such serviceswouldnot affect the independenceof theexternal auditor.
TheAChasheld fivemeetingsduring the year. TheAChas alsometwith internal andexternal auditors,without the
presenceof theCompany’smanagement, at least once a year.
Further details regarding theAC aredisclosed in theCorporateGovernanceReport.
DIRECTORS’
STATEMENT
