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Straco Corporation Limited • Annual Report 2014
Audit committee
The members of the Audit Committee during the year and at the date of this report are:
Lim Song Joo
(Chairman, Independent non-executive director)
Choong Chow Siong
(Independent non-executive director)
Neo Poh Kok David
(Independent non-executive director)
The Audit Committee performs the functions specified in Section 201B of the Act, the SGX Listing Manual and the Code of Corporate Governance.
The Audit Committee has held four meetings since the last directors’ report. In performing its functions, the Audit Committee met with the Company’s external
and internal auditors to discuss the scope of their work, the results of their examination and evaluation of the Group’s internal accounting control system.
The Audit Committee also reviewed the following:
assistance provided by the Company’s officers to the internal and external auditors;
quarterly financial information and annual financial statements of the Group and the Company prior to their submission to the directors of the
Company for adoption; and
interested person transactions (as defined in Chapter 9 of the SGX Listing Manual).
The Audit Committee has full access to management and is given the resources required for it to discharge its functions. It has full authority and the
discretion to invite any director or executive officer to attend its meetings. The Audit Committee also recommends the appointment of the external auditors
and reviews the level of audit and non-audit fees.
The Audit Committee is satisfied with the independence and objectivity of the external auditors and has recommended to the Board of Directors that the
auditors, KPMG LLP, be nominated for re-appointment as auditors at the forthcoming Annual General Meeting of the Company.
In appointing our auditors for the Company and subsidiaries, we have complied with Rules 712 and 715 of the SGX Listing Manual.
DIRECTORS’ REPORT
