23
SUNMOON FOOD COMPANY LIMITED
ANNUAL REPORT 2015
REPORT ON
CORPORATE GOVERNANCE
(c)
Assess whether the risk management framework is appropriate and adequate;
(d)
Monitor Management accountability for risk management processes and compliance with risk policies;
(e)
Review and make recommendations to the Board in relation to risk management;
(f)
Consider, and make recommendations to the Board in connection with, the compliance by the Group with its risk
management framework and policies;
(g)
Report to the Board on any material changes to the risk profile of the Group;
(h)
Monitor and refer to the Board any instances involving material breaches or potential breaches of the Group’s risk
management policies; and
(i)
Engage such independent professional advice as it considers necessary in fulfilling its duties.
The ARC has the explicit powers to conduct or authorise investigations into any of the abovementioned matters. The ARC
has full access to and co-operation by Management and also full discretion to invite any director or executive officer to
attend its meetings as well as reasonable resources to enable it to discharge its function properly.
The ARC meets with the Group’s external auditors and Management to review accounting, auditing and financial reporting
matters so as to ensure that an effective system of control is maintained in the Group and review any change of accounting
standards and issues which have a direct impact on financial statements. The ARC meets with the external auditors,
without the presence of Management, at least once a year. The Company complies with SGX listing Rules 712 and Rule
715 in relation to auditing firm.
The ARC has conducted an annual review of the volume of non-audit services, if any, to satisfy itself that the nature
and extent of such services will not prejudice the independence and objectivity of the external auditors. The ARC had
recommended the re-appointment of RT LLP as external auditors at the forthcoming AGM.
The fees for both audit and non-audit services are listed below:
RT LLP
Singapore
Other auditor
Singapore &
oversea
Total
$’000
$’000
$’000
Statutory Audit for the year ended 31 December 2015
91
14
105
Total
91
14
105
The Whistle-Blowing Policy is in place within the Group and Code of Business Ethics and Conduct and Conflict of Interests
declaration are in practice within the Group.
