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SEE HUP SENG LIMITED
Annual Report 2012
30
Report of the Directors
31 DECEMBER 2012
7 Audit Committee
The members of the Audit Committee (AC) at the end of the financial year were as follows:
Teo Choon Kow, William (Chairman)
Foo Meng Kee
Wu Yu Liang
The Audit Committee carried out its functions in accordance with Section 201B(5) of the Singapore Companies
Act. In performing those functions, the Committee:
(i) reviewed the effectiveness of the Company’s material internal controls, including financial, operational
and compliance controls and risk management;
(ii) reviewed the audit plan of the Company’s independent auditors and, if any, their report on the weaknesses
of internal accounting controls arising from their statutory audit;
(iii) reviewed the assistance given by the Company’s management to the independent auditors;
(iv) reviewed the balance sheet of the Company and the consolidated financial statements of the Group
for the year ended 31 December 2012 before their submission to the Board of Directors, as well as
the independent auditors’ report on the balance sheet of the Company and the consolidated financial
statements of the Group;
(v) recommended to the Board of Directors the independent auditors to be nominated, approve the
compensation of the auditors, and review the scope and results of the audit;
(vi) reviewed interested persons transactions; and
(vii) undertook such other functions and duties as may be required by statute.
The Audit Committee has full access to and has the co-operation of the management and has been given the
resources required for it to discharge its function properly. It also has full discretion to invite any director and
executive officer to attend its meetings.
The external auditors have not provided any non-audit services to the Group. The Audit Committee is satisfied
with the independence and objectivity of the external auditors and has recommended to the Board of Directors
that the independent auditors, Moore Stephens LLP, be nominated for reappointment at the forthcoming Annual
General Meeting of the Company.