42
LHN Limited Annual Report
Directors
’
Statement
for the financial year ended 30 September 2015
(ii) the audit plan of the Company
’
s independent auditor and any recommendations on internal accounting
controls arising from the statutory audit
;
(iii) the quarterly financial information and the statement of financial position of the Company and the
consolidated financial statements of the Group for the financial year ended 30 September 2015 as well
as the auditor
’
s report thereon
;
(iv) effectiveness of the Company
’
s material internal controls
,
including financial
,
operational and compliance
controls and information technology controls and risk management systems via reviews carried out by the
internal auditors
;
(v) met with the external auditor
,
other committees
,
and management in separate executive sessions to discuss
any matters that these groups believe should be discussed privately with the Audit Committee
;
(vi) reviewed 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
;
(vii) reviewed the cost effectiveness and the independence and objectivity of the external auditor
;
(viii) reviewed the nature and extent of non-audit services provided by the external auditor
;
(ix) recommended to the Board of Directors the external auditor to be nominated
,
approved the
compensation of the external auditor
,
and reviewed the scope and results of the audit
;
(x) reported actions and minutes of the Audit Committee to the Board of Directors with such recommendations
as the Audit Committee considered appropriate
;
and
(xi) interested person transactions (as defined in Chapter 9 of the Listing Manual of the Singapore Exchange)
.
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 auditor and reviews the level of audit
and non-audit fees
.
The Audit Committee is satisfied with the independence and objectivity of the external auditor and has
recommended to the Board of Directors that the auditor
,
Foo Kon Tan LLP
,
be nominated for re-appointment
as auditor at the forthcoming Annual General Meeting of the Company
.
Full details regarding the Audit Committee are provided in the Report on Corporate Governance
.
Independent auditor
The independent auditor
,
Foo Kon Tan LLP
,
Chartered Accountants
,
has expressed its willingness to accept
re-appointment
.
Other information required by the SGX-ST
Material information
Apart from the Service Agreements between two executive directors and the Company
,
there is no material
contract to which the Company or any of its subsidiaries
,
is a party which involve directors
’
interests subsisted
or have been entered into during the financial year ended 30 September 2015
.
