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FORTERRA
ANNUAL REPORT 2013
CORPORATE GOVERNANCE
REPORT
49
Forterra has complied with Rule 712 and 715 of the SGX-ST Listing Manual in relation to the appointment
of the external auditor.
During the year, the Audit Committee met 8 (eight) times. The activities at the meetings included the
following:
•
review of the quarterly and year end results and announcement required by the SGX-ST;
•
discussions with the external auditor and review of the audit plans;
•
reviewing and approving the scope of work to be undertaken by the external third party
appointed to undertake the internal audit function;
•
monitoring the work performed by the external third party in relation to the internal audit of the
risk management and internal controls; and
•
review of all interested person transactions and a quarterly review of the register of interested
person transactions to ensure compliance with the Listing Manual and the BTA;
The Audit Committee keeps abreast with changes in regulations and accounting standards through
regular updates at the Audit Committee or Board meetings and through their attendance at appropriate
seminars.
A whistle blowing policy has been put in place to provide a channel through which employees may
report, in good faith and in confidence, any concerns in financial and other matters, and arrangements
have been put in place for independent investigation with appropriate follow-up action.
Principle 13: Internal Audit
Forterra’s internal audit function has been outsourced to RSM Ethos Pte Ltd (“RSM”). RSM reports to
the Audit Committee on internal audit matters and reports to the CEO administratively.
Staffed by qualified executives, RSM conducts its internal audit according to the International
Professional Practices Framework issued by the Institute of Internal Auditors. RSM has direct access
to the Audit Committee, and to the relevant documents, records, properties and personnel, for the
purpose of discharging their duties.
An internal audit program continued during the financial year. The Audit Committee receives reports
from RSM at the completion of each stage of the internal audit program. The Audit Committee is also
provided with a detailed scope of work for the next stages of the internal audit program for their
review and approval.
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