Page 18 - Demo

Governance CommitteesAUDIT & RISK SUB COMMITTEE (2019 %u2013 2023)The Audit Committee, a Constitutional appointment by the Management Committee, has been renamed the Audit & Risk Committee after the responsibility of reviewing the risks of the association was included as part of the terms of the committee. Its members are appointed for a term of 4 years. The primary function of this Committee is to assist the Management Committee in fulfilling the oversight and fiduciary responsibilities, to act in the interest of SIAS%u2019 members and stakeholders as a whole, by supporting the Management Committee in their responsibilities regarding issues of risk, control and governance, and associated assurance. The Committee oversees and appraises the nature and extent of the audit process carried out by the external auditors. It also reviews the findings of the external auditors relating to their assessment of the adequacy and effectiveness of the significant internal controls, including operational and financial controls and compliance controls, and risk management processes and evaluated adherence to established policies, processes and practices. It reviews the actions proposed to be taken by the management to address the findings of the auditors and undertakes the review of the financial statements with the external auditors and recommended to the MC for approval.The external auditors have unrestricted access to the Audit & Risk Sub Committee.The Audit & Risk Committee members met twice in the financial year to review follow up audits performed by the internal auditors and with external auditors to review the audit workplan and results of the FY 23/24 audit. The committee has examined the audited accounts and has met with the senior management to clarify matters arising from the preparation of the audited accounts making sure the processes are complete..Mr Mervyn Lim Board Member, Mount Miriam Cancer HospitalFirst joined AC on 22 Jul 2019CHAIRMAN Mr Terence Wong CEO, Azure Capital First joined AC in Jul 2020MEMBER Mr Stephen ChenPrivate InvestorFirst joined AC in Jul 2020MEMBERMr Mervyn Lim Attendance: 2 out of 2Mr Stephen Chen Attendance: 2 out of 2 Mr Terence Wong Attendance: 2 out of 2SIAS would like to thank Mr Mervyn Lim, Mr Stephen Chen and Mr Terence Wong for completing their term as Audit Sub-committee members from 2019-2023. Mr Loh Uantchern has taken over the chairmanship from Mr. Mervyn Lim. Also, three (3) new audit sub-committee members have been appointed namely, Mr Melvin Yong, Mr Koh Yong Chuan and Mr Benjamin Thong.1825TH ANNUAL REPORT | 2023 - 2024