Property - Guthrie GTS Ltd

Corporate Governance Statement
C
ACCOUNTABILITY AND AUDIT
Accountability
Principle 10
The Board should present a balanced and understandable assessment of the company’s performance, position and prospects.
The Board is responsible for providing a balanced and understandable assessment of the Company’s performance, position and prospects, including
quarterly financial results and other price sensitive information and reports to regulators, if required. In discharging its duties, the Board holds
Management accountable by reviewing all quarterly and annual financial statements announcements to shareholders so as to present a balanced
assessment of the Group’s position and prospects to shareholders.
Audit Committee
Principle 11
The Board should establish an Audit Committee with written terms of reference which clearly set out its authority and duties.
1. The Audit Committee comprises of the following three independent non-executive directors:
Audit Committee
Mr Giam Chin Toon
Dr Albert Hong Hin Kay
Mr Philip Tan Yuen Fah
Committee Chairman
Member
Member
2. The Audit Committee held four meetings during the financial year. It also held meetings with the internal and external auditors. The Audit
Committee meetings were attended by all the Audit Committee members save for Mr Giam Chin Toon and Dr Albert Hong Hin Kay who
attended three meetings. Issues discussed at these meetings include the quarterly and annual financial statements announcements made
by the Company to shareholders and the scope and results of internal audit reports as well as Management’s response to the findings of
the internal audit reports.
3. The Audit Committee has full authority to review any matter within its terms of reference and the Audit Committee has full access to and the
co-operation of the Management. The Audit Committee also has full discretion to invite any director or executive officer from the Company
or the Group to attend at its meetings.
4. The Audit Committee also has full access to and the assistance of both internal and external auditors. Where required, the Audit Committee
is empowered to obtain external legal advice or such other independent professional advice as the Committee deems necessary to assist in
discharging its duties.
5. The Audit Committee carries out its duties as set out in the Code and the Companies Act. Section 201B(5) of the Companies Act states
that, “The functions of an audit committee shall be -
a ) to review -
(i) with the auditor, the audit plan;
(ii) with the auditor, his evaluation of the system of internal accounting controls;
(iii) with the auditor, his audit report;
(iv) the assistance given by the company’s officers to the auditor;
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