REPORT ON CORPORATE GOVERNANCE
Karin Technology Holdings Limited
Annual Report 2015
32
PRINCIPLE 12 – AUDIT AND RISK MANAGEMENT COMMITTEE (“ARMC”)
The ARMC comprises three members, all are independent directors. They are:
Mr. Lim Yew Kong, John
–
Chairman
Prof. Ng Tung Sang
–
Member
Mr. Lawrence Kwan
–
Member
At least 2 members of the ARMC including the Chairman have accounting or related financial management expertise
or experience.
The role of the ARMC is to assist the Board with discharging its responsibility to safeguard the Company’s assets,
maintain adequate accounting records and, develop and maintain effective system of internal controls. The ARMC has
full access to and co-operation by management.
The ARMC, which has written terms of reference, meets periodically to perform its functions which include, but not
limited to, the following:
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Under the year reported on, the ARMC has reviewed all non-audit services provided by Ernst & Young, Hong Kong
(“
E&Y
”). Non-audit fees for FY2015 paid to E&Y were HK$246,500 (FY2014: HK$250,100). The ARMC is satisfied that
such services would not affect their independence.
The ARMC reviewed the scope and quality of the audits and the independence and objectivity of the external auditors as
well as the cost effectiveness. The ARMC is satisfied that the external auditors, E&Y is able to meet the audit requirements
and statutory obligation of the Company. The ARMC has nominated E&Y, for re-appointment as external auditors of the
Company at the forthcoming AGM. E&Y is an auditing firm acceptable by the Singapore Exchange Securities Trading
Limited (the “
SGX-ST
”). The Company is in compliance with Rule 712 of the Listing Manual of the SGX-ST. E&Y has
been appointed as the Company’s external auditors since its public listing in Singapore in 2005.
