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Audit Committee
The Audit Committee (“AC”) carried out its functions in accordance with Section 201B (5) of the Singapore Companies Act, Cap. 50. The
functions performed by the AC are detailed in the Report on Corporate Governance.
The Board of Directors and the AC have reviewed the adequacy of the Group’s internal controls, including financial, operational and
compliance controls. Based on work done by the internal and external auditors and reviews performed by management throughout the
financial year 2012, the Board, with the concurrence of the AC, is of the opinion that the systems of internal controls in place are adequate
to address the financial, operational and compliance risks and also providing reasonable assurance of the effectiveness of the Group in
safeguarding its assets and shareholders’ value.
Auditors
Ernst & Young LLP have expressed their willingness to accept re-appointment as auditors.
On behalf of the Board of Directors,
Tan Wang Cheow Sudeep Nair
Director Director
21 March 2013
DIRECTORS’ REPORT (cont’d)
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