Asia-Pacific Strategic Investments Limited - Annual Report 2021

Corporate Governance Report

4. reviewing and discussing with the external auditors any suspected fraud or irregularity, or suspected infringement of any relevant laws, rules and regulations, which has or is likely to have a material impact on the Group’s operating results or financial position, and Management’s response;

5. reviewing and evaluating the independence and performance of the external auditors;

6. considering the appointment or re-appointment of the external auditors and matters relating to resignation or dismissal of the auditors and approving the remuneration and terms of engagement;

7. reviewing and approving interested person transactions, if any, that fall within the scope of Chapter 9 of the Catalist Rules;

8. reviewing any potential conflicts of interest and ensuring that procedures for resolving such conflicts are sufficient and strictly adhered to by the Company;

9. reviewing the Company’s foreign exchange exposure and procedures to manage its foreign currency risk;

10. reviewing the effectiveness and adequacy of internal controls, including financial, operational, compliance and information technology controls;

11. reviewing the effectiveness of the Group’s internal audit function;

12. reviewing significant financial reporting issues and judgments so as to ensure the integrity of the financial statements of the Company and any formal announcements relating to the Company’s financial performance;

13. reviewing the adequacy of the Company’s business risk management process;

14. reviewing the assurance from the CEO and the CFO on the financial records and financial statements;

15. reviewing arrangements by which staff of the Company may, in confidence, raise concerns about possible improprieties in matters of financial reporting or other matters and ensuring that arrangements are in place for the independent investigations of such matters and for appropriate follow up actions;

16. undertaking other such reviews or projects as might be requested by the Board and reporting to the Board its findings from time to time on matters that arise and require the attention of the AC; and

17. generally undertaking other such functions or duties as might be required by statute or the Catalist Rules and by amendments made thereto from time to time.

In addition to the above, the AC has explicit authority to investigate any matter within its terms of reference, full access to Management and its cooperation, and full discretion to invite any director or key management personnel to attend its meetings, and reasonable resources to enable it to discharge its functions properly. The AC discussed the key audit matters for FY2021 with Management and the external auditor. The AC concurs with the basis and conclusions included in the independent auditor’s report with respect to key audit matters. For more information on the key audit matters, please refer to pages 48 to 53 of this Annual Report. The external auditor Nexia TS Public Accounting Corporation provides regular updates and periodic briefings to the AC regarding changes or amendments to accounting standards to enable the members of the AC to keep abreast of such changes and their corresponding impact on the financial statements, if any.

ANNUAL REPORT 2021

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