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DIRECTORS’ REPORT
MTQ Corporat ion Limi ted Annual Repor t 2012/13 32
AUDIT COMMITTEE
As at the date of this report, the Audit Committee comprises 3 members, all of whom are non-executive and independent Directors.
The Audit Committee comprises the following members:
Chew Soo Lin (Chairman)
Christopher Ho Han Siong
Huang Yuan Chiang
During the financial year, the Audit Committee carried out its functions in accordance with section 201B(5) of the Singapore
Companies Act, Chapter 50, including the following:
 Reviewed the audit plans of the internal and external auditors and reviewed the internal auditors’ evaluation of the adequacy
of the system of internal accounting controls and the assistance given by the Company’s management to the external and
internal auditors;
 Reviewed the quarterly and annual financial statements and the auditors’ report on the annual financial statements of the
Company before their submission to the Board of Directors;
 Reviewed the effectiveness of material internal controls, including financial, operational and compliance controls and risk
management via reviews carried out by the internal auditors;
 Met with the internal and external auditors, other committees, and management in separate executive sessions to discuss any
matters that these groups believe should be discussed privately with the Audit Committee;
 Reviewed legal and regulatory matters that may have a material impact on the financial statements, related compliance
policies and programmes and any reports received from regulators;
 Reviewed the cost effectiveness and the independence and objectivity of the external auditors;
 Reviewed the nature and extent of non-audit services provided by the external auditors;
 Recommended to the Board of Directors the external auditors to be nominated, approved the compensation of the external
auditors, and reviewed the scope and results of the audit;
 Reported actions and minutes of the Audit Committee to the Board of Directors with such recommendations as the Audit
Committee considers appropriate; and
 Reviewed interested person transactions in accordance with the requirements of the Singapore Exchange Securities Trading
Limited’s Listing Manual.
The Audit Committee, having reviewed all non-audit services provided by the external auditors to the Group, is satisfied that the
nature and extent of such services would not affect the independence of the external auditors. The Audit Committee has also
conducted a review of interested person transactions.
The Audit Committee convened four meetings during the financial year and has also met with internal and external auditors, without
the presence of the Company’s management, at least once a year.
The Audit Committee recommends to the Board of Directors that the auditors, Ernst & Young LLP, be nominated for re-appointment
as external auditors at the forthcoming Annual General Meeting of the Company.
In appointing the auditors for the Company and its subsidiaries, the Company has complied with Rules 712 and 715 of the SGX
Listing Manual.