Audit and Risk Management Committee (cont’d)
•
Reviews legal and regulatory matters that may have a material impact on the financial statements, related compliance policies
and programmes and any reports received from regulators;
•
Reviews the cost effectiveness and the independence and objectivity of the external auditor;
•
Reviews the nature and extent of non-audit services provided by the external auditor;
•
Recommends to the board of directors the external auditor to be nominated, approves the compensation of the external auditor,
and reviews the scope and results of the audit;
•
Reports actions and minutes of the ARMC to the board of directors with such recommendations as the ARMC considers
appropriate; and
•
Reviews interested person transactions in accordance with the requirements of the Singapore Exchange Securities Trading
Limited’s (“SGX-ST’s”) Listing Manual.
The ARMC, having reviewed all non-audit services provided by the external auditor to the Group, is satisfied that the nature and extent
of such services would not affect the independence of the external auditor. The ARMC has also conducted a review of interested person
transactions.
The ARMC convened four meetings during the year. The ARMC has also met with internal and external auditors, without the presence
of the Company’s management, at least once a year.
Further details regarding the ARMC are disclosed in the Report on Corporate Governance.
Auditor
Ernst & Young LLP have expressed their willingness to accept re-appointment as auditor.
On behalf of the Board of Directors,
Chua Leong Hai @ Chua Leang Hai
Director
Chew Tuan Dong
Director
Singapore
31 March 2015
Directors’ Report
Hock Lian Seng Holdings Limited
Annual report 2014
31
