Page 40 - ar2011

NATURAL COOL HOLDINGS LIMITED
Annual Report 2011 38
Directors’ Report
Audit Committee
The members of the Audit Committee during the year and at the date of this report are:
 Lim Siang Kai (Chairman), lead independent director
 Dr Wu Chiaw Ching, independent director
 William da Silva, independent director
The Audit Committee performs the functions specifed in Section 201B of the Act, the SGX Listing Manual
Section B: Rules of Catalist (SGX Listing Manual) and the Code of Corporate Governance.
The Audit Committee has held three meetings since the last directors’ report. In performing its functions,
the Audit Committee met with the Company’s external and internal auditors to discuss the scope of their
work, the results of their examination and evaluation of the Company’s internal accounting control system.
The Audit Committee also reviewed the following:-
 assistance provided by the Company’s offcers to the internal and external auditors;
 half yearly fnancial information and annual fnancial statements of the Group and the Company prior
to their submission to the directors of the Company for adoption; and
 interested person transactions (as defned in Chapter 9 of the SGX Listing Manual).
The Audit Committee has full access to management and is given the resources required for it to discharge
its functions. It has full authority and the discretion to invite any director or executive offcer to attend its
meetings. The Audit Committee also recommends the appointment of the external auditors and reviews
the level of audit and non-audit fees.
The Audit Committee is satisfed with the independence and objectivity of the external auditors and has
recommended to the Board of Directors that the auditors, KPMG LLP, be nominated for re-appointment as
auditors at the forthcoming Annual General Meeting of the Company.
In appointing our auditors for the Company and subsidiaries, we have complied with Rules 712, 715 and
716 of the SGX Listing Manual.