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CORDLIFE GROUP LIMITED
| ANNUAL REPORT 2015
CORPORATE GOVERNANCE REPORT
For the financial year ended 30 June 2015, the Board has received written assurance from the CEO and CFO that:
(a)
the financial records of the Company have been properly maintained and the financial statements give a true
and fair view of the Company’s operations and finances; and
(b)
the Company’s internal controls and risk management systems have been adequate and effective to address
the risks which the Company considers relevant and material to its operations.
The Company maintains a system of internal controls for all companies within the Group, but recognises that no
internal control system will preclude all errors and irregularities. The system is designed to manage rather than to
eliminate the risk of failure to achieve business objectives. The controls are to provide reasonable, but not absolute
assurance to safeguard shareholders’ investments and the Group’s assets.
Based on the internal controls established and maintained by the Group, work performed by the internal and external
auditors, reviews performed by the Management, various Board Committees and the Board and the written assurance
from the CEO and CFO, the AC and the Board are of the opinion that the Group’s internal controls addressing key
financial, operational, compliance and information technology controls, and risk management systems were adequate
as at 30 June 2015.
Principle 12: Audit Committee
The AC, regulated by a set of written terms of reference, comprises three Directors, the majority of whom are
independent and all of whom are non-executive Directors:
Eileen Tay-Tan Bee Kiew (Independent Director) (Chairman of the AC)
Ho Sheng (Independent Director)
Dr. Ho Choon Hou (Non-Executive Director)
The functions of the AC include, amongst others:
1.
reviewing the significant financial reporting issues and judgments so as to ensure the integrity of the financial
statements and any formal announcements relating to financial performance;
2.
reviewing the scope and results of the audit and its cost effectiveness, and the independence and objectivity
of the external auditors;
3.
reviewing, with the external auditors of the Company, the audit plan, the scope of work of the external auditors,
the evaluation by the external auditors of the system of internal accounting controls, the external auditor’s
letter to the Management and the Management’s response, and the results of the audits conducted by the
internal and external auditors;
4.
reviewing the quarterly, half-yearly and annual financial statements and results announcements before
submission to the Board for approval, focusing in particular, on changes in accounting policies and practices,
major risk areas, significant adjustments resulting from the audit, the going concern statement, compliance
with financial reporting standards as well as compliance with the Listing Manual and any other statutory/
regulatory requirements;
