Ecowise Annual Report 2007 - ecoWise Holdings Limited

REPORT OFTHE DIRECTORS8. AUDIT COMMITTEEThe members of the Audit Committee at the date of this report are as follows:-Ng Cher YanAng Mong SengOng Teck Ghee(Chairman of Audit Committee and Non-Executive Lead Independent Director)(Non-Executive Independent Director)(Non-Executive Independent Director)The Audit Committee performs the functions specified by section 201B(5) of the Companies Act. Among others, itperformed the following functions:• Reviewed with the independent external auditors the external audit plan;• Reviewed with the independent external auditors their report on the financial statements and the assistancegiven by the company’s officers to them;• Reviewed with the internal auditors their evaluation of the company’s internal accounting control and thescope and results of the internal audit procedures;• Reviewed the financial statements of the group and the company prior to their submission to the directors ofthe company for adoption; and• Reviewed the interested person transactions (as defined in Chapter 9 of the listing manual of SGX).Other functions performed by the Audit Committee are described in the report on corporate governance included in theannual report and it includes an explanation of how auditors’ objectivity and independence is safeguarded when theindependent auditors provide non-audit services.The Audit Committee has recommended to the Board of Directors that the independent auditors, RSM Chio Lim,be nominated for re-appointment as independent auditors at the next annual general meeting of the company.9. INDEPENDENT AUDITORSThe independent auditors, RSM Chio Lim, have expressed their willingness to accept re-appointment.10. SUBSEQUENT DEVELOPMENTSThere are no significant developments subsequent to the release of the group’s and the company’s preliminary financialstatements, as announced on 27 December 2007, which would materially affect the group’s and the company’soperating and financial performance as of the date of this report.ON BEHALF OF THE DIRECTORSLee Thiam SengDirectorTeoh Teik KeeDirector30 December 200737