Strength & Stability - ECS Holdings Limited

The Audit Committee had reviewed the non-audit services provided by the external auditors and is satisfied with the independence of the
auditors. The Audit Committee has recommended to the Board that the auditors, KPMG LLP, be nominated for re-appointment at the
forthcoming Annual General Meeting of the Company.
Meetings and attendance are as follows:
Board
No. of Meetings Attended
Name of Director
Leong Horn Kee (Chairman) 5 5
Tan Hup Foi 5 5
Koh Soo Keong 5 5
Internal Controls
Principle 12 : The Board should ensure that the Management maintains a sound system of internal controls to safeguard the shareholders’
investment and the company’s assets.
The Board acknowledges that it is responsible for the Group’s system of internal control. It believes that in the absence of any evidence to
the contrary and from due enquiry, the system of internal controls that has been maintained by the Group throughout the financial year is
adequate to meet the needs of the Group in its current business environment. However, the Board notes that the system of internal controls
is designed to manage rather than eliminate the risk of failure to achieve business objectives, and can provide only reasonable and not
absolute assurance against material misstatements or loss.
Internal Audit
Principle 13 : The Company should establish an internal audit function that is independent of the activities it audits.
The Group has an internal audit department which is independent of the activities it audits. It performs financial audits, implements
operational and compliance controls. The Internal Auditor reports primarily to the Chairman of the Audit Committee and administratively
to the Group CEO. The Internal Auditor plans its internal audit work in consultation with, but independent of, Management, and its
yearly plan is submitted to the Audit Committee for approval at the beginning of each year. The Internal Auditor reports to the Audit
Committee quarterly regarding its findings. The Audit Committee also meets with the Internal Auditor at least once during the year without
the presence of Management. The Audit Committee also ensures that the internal audit function is adequately resourced, and will review
annually the adequacy of the internal audit function.
The internal auditors are expected to meet or exceed the standards set by nationally or internationally recognised professional bodies
including the Standards for the Professional Practice of Internal Auditing set by The Institute of Internal Auditors.
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Corporate
Governance Statement
ECS Holdings Limited