2009/2010 - MINDS

AUDIT COMMITTEE
ANNUAL
REPORT
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AUDIT
COMMITTEE
Chairperson:
Members:
Staff:
Mr Lim Jun Han
Mr Lee Ju Song
Mr Jason Lee
Ms Ivy Wong
Mr Christopher Jap
Standing from left to right: Mr Jason Lee, Mr Lim Jun Han, Mr Lee Ju Song, Mr Christopher Jap
MILESTONES AND ACHIEVEMENTS
The Audit Committee (AC) met five times during the
financial year. The external auditors schedule for the
Financial Year 09/10 audit and internal auditor’s work
scope were reviewed.
For FY 09/10, the internal auditor (IA), Mr Christopher
Jap focused on:
a) physical sightings of staff and fixed assets, muster
reports and bank reconciliations
b) Ad-hoc audit on cheque payments
c) Reviewing the Finance Operating Manual.
Apart from auditing work, the Audit Committee tasked
the IA to conduct regular briefings for staff members
aimed at improving internal controls and governance
through closer adherence to correct procedures.
A change was made in the reporting line of the IA.
He now reports directly to the Chief Executive Officer
(CEO) operationally and to the Audit Committee on
audit matters.
FY 2010/2011 WORKPLAN
To review and recommend improvements on the
systems of controls on revenue operations and to
carry out regular audits on Payroll and Procurement/
Payments.
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