103 ANNUAL REPORT 2024 Statement by Directors 6. Report of Audit Committee The members of the Audit Committee at the date of this report are as follows: Mr Sim Guan Seng (Chairman of Audit Committee, Independent and Non-Executive Director) Mr Yeo Wee Kiong (Independent and Non-Executive Chairman) Mr Daniel Loh Hong Chye (Independent and Non-Executive Director) The Audit Committee carried out its function in accordance with section 201B(5) of the Companies Act 1967. The Audit Committee’s main functions are to: review the significant financial reporting issues and judgements so as to ensure the integrity of the financial statements of the Company and of the Group and any announcements relating to the Group’s financial performance; review and report to the board annually the adequacy and effectiveness of the Group’s internal controls, including financial, operational, compliance and information technology controls; review effectiveness of the Company’s internal audit function; review the scope and results of the external audit and the independence and objectivity of the external auditors; make recommendations to the board on the proposals to the shareholders on the appointment, re-appointment and removal of the external auditors, and approve the remuneration and the terms of engagement of the external auditors; review with the internal auditor the scope and results of the internal audit procedures (including those relating to financial, operational and compliance controls and risk management) and the assistance given by the management to the internal auditor; review the Group’s results announcements, consolidated financial statements and other documents accompanying the same before they are recommended to the board for approval; and review and, where appropriate, approve interested person transactions (as defined in Chapter 9 of the Singapore Exchange Securities Trading Limited’s Listing Manual). 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 auditor’s objectivity and independence is safeguarded where the independent auditor provides non-audit services. The Audit Committee has recommended to the board of directors that the independent auditor, RSM SG Assurance LLP, be nominated for re-appointment as independent auditor at the next annual general meeting of the Company. 7. Independent auditor RSM SG Assurance 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 2024.
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