31
MTQ CORPORATION LIMITED
The Group outsources part of its internal audit function to Robert Tan & Co., a corporate member of the Institute of Internal
Auditors Singapore. In addition, the independent in-house internal audit division supplements the internal audit activities
to further enhance the risk management of the Group. Reporting directly to the Audit Committee, both internal audit
teams plan their work in consultation with, but independent of management and their yearly plan is submitted to the Audit
Committee for review and approval.
During the year under review, the Board has received assurance from the Group CEO and Group CFO confirming that:
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March 2016 give a true and fair view of the Group’s business operations and finances; and
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the material risks in the Group.
The Group CEO and Group CFO had obtained similar assurance from the respective Managers of the various business
units in the Group.
The Audit Committee has reviewed and is satisfied:
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and information technology controls and risk management policies and systems;
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Group, and
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provided.
Based on the internal controls and risk management framework established and maintained by management,
work performed by the internal and external auditors, regular audits conducted by independent parties for industrial
accreditation and customer quality controls and reviews performed by management, the Board and the various Board
Committees, the Board, with the concurrence of the Audit Committee, is of the opinion that the Group’s internal controls,
addressing financial, operational, compliance and information technology risks that are material and relevant to the
Group’s operations were effective and adequate as at 31 March 2016.
The Board notes that the system of internal controls and risk management provides reasonable, but not absolute,
assurance that the Group will not be adversely affected by any event that could be reasonably foreseen. In this regard,
the Board also notes that no system of internal controls and risk management can provide absolute assurance against
irregularities especially those arising from poor judgment in decision making, human error, losses and fraud.
The Company has in place a whistle-blowing policy where employees of the Group may raise concerns about possible
improprieties in matter of financial reporting or other matters in confidence. To ensure independent investigation of such
matters and appropriate follow-up action, all whistle- blowing reports are to be sent to the Audit Committee. Details of
the whistle blowing policy are given to all staff and new recruits during orientation. The Audit Committee has received no
complaints up to the date of this report.
The Audit Committee is satisfied that the Company has complied with Listing Rules 712 and 715 read with 716 of the
Listing Manual regarding the appointment of auditors of the Company and its subsidiaries.
The Audit Committee has recommended to the Board the re-appointment of Ernst & Young LLP as the external auditors
of the Company for the financial year ending 31 March 2017.
CORPORATE
GOVERNANCE REPORT
