Megachem Limited Annual Report 2015 75 Statement by Directors 6. Report of audit committee (cont’d) Other functions performed by the Audit Committee are described in the report on corporate governance included in the annual report. It also includes an explanation of how the independent auditors’ objectivity and independence is safeguarded where the independent auditors provide non-audit services. The Audit Committee has recommended to the Board of Directors that the independent auditors, RSM Chio Lim LLP, be nominated for re-appointment as independent auditors at the next annual general meeting of the Company. 7. Independent auditor RSM Chio Lim LLP has expressed willingness to accept re-appointment. 8. Directors’ opinion on the adequacy of internal controls Based on the internal controls established and maintained by the Group, work performed by the internal and external auditors, and reviews performed by management, other committees of the Board and the Board, the audit committee and the Board are of the opinion that Group’s system of internal controls, addressing financial, operational, compliance risks, are adequate as at the end of the reporting year 31 December 2015. 9. Subsequent developments There are no significant developments subsequent to the release of the Group’s and the Company’s preliminary financial statements, as announced on 22 February 2016, which would materially affect the Group’s and the Company’s operating and financial performance as of the date of this report. On Behalf of the Directors Chew Choon Tee Tan Bock Chia Executive Chairman and Managing Director Executive Director 22 February 2016
RkJQdWJsaXNoZXIy NTkwNzg=