SINGAPORE MYANMAR INVESTCO LIMITED
| Annual Report 2016
33
CORPORATE GOVERNANCE
REPORT
b.
review the financial statements before submission to the Board for approval, focusing in particular, on changes
in accounting policies and practices, major risk areas, significant adjustments resulting from the audit, the going
concern statement, compliance with accounting standards as well as compliance with any stock exchange and
statutory/regulatory requirements;
c.
review the internal control and procedures and ensure co-ordination between the external auditors and
Management, reviewing the assistance given by the Management to the auditors, and discuss problems and
concerns, if any, arising from the interim and final audits, and any matters which the auditors may wish to discuss (in
the absence of Management where necessary);
d.
review the adequacy and effectiveness of the Company’s risk management and internal control systems (including
financial, operational, compliance and information technology controls) and to report to the Board annually;
e.
review and discuss with the external auditors any suspected fraud or irregularity, or suspected infringement of any
relevant laws, rules or regulations, which has or is likely to have a material impact on our Group’s operating results
or financial position, and our Management’s response;
f.
consider and recommend the appointment or re-appointment of the external auditors and matters relating to the
resignation or dismissal of the auditors;
g.
review interested person transactions (if any) falling within the scope of Chapter 9 of the Listing Manual;
h.
review potential conflicts of interest, if any;
i.
undertake such other reviews and projects as may be requested by our Board, and report to our Board its findings
from time to time on matters arising and requiring the attention of our AC; and
j.
generally undertake such other functions and duties as may be required by statute or the Listing Manual, or by such
amendments as may be made thereto from time to time.
The AC meets with the external auditors, at least once a year, without the presence of Management. The external auditors
present to the AC the audit plan and updates relating to any change of accounting standards and issues which have a
direct impact on financial statements during the AC meeting. The AC confirmed that it has undertaken a review of all non-
audit services provided by the external auditors and is satisfied that such service would not, in the AC’s opinion, affect the
independence and objectivity of the external auditors.
The aggregate amount of fees paid or payable to the external auditors of the Company, broken down into audit and non-
audit services for the financial year ended 31 March 2016 are as follows:
Audit fees
: S$78,500
Non-audit fees
: S$2,500
The AC, with concurrence of the Board has recommended RSM Chio Lim LLP for re-appointment as statutory auditors of
the Company at the forthcoming AGM.
The Company engages suitable independent auditors to audit its foreign incorporated subsidiaries and associated
companies, as disclosed in Note 18 to the financial statements in this annual report which have been cleared by the
Company’s external auditors. The Board and AC have reviewed and are satisfied that the appointment of different auditors
would not compromise the standard and effectiveness of the audit of the Company.
The AC and the Board confirms that the Group had complied with SGX-ST Listing Rules 712 and 715 respectively.
The Company has in place whistle-blowing policy where employees of the Group have access to the AC to raise concerns
about possible corporate improprieties in matters of financial reporting or other matters.
No former partner or Director of the Company’s existing auditing firm or audit corporation is a member of the AC.
