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CORPORATE GOVERNANCE
The Board is of the view that the members of the AC are appropriately qualifed to discharge their responsibilities. Mr Chen, Mr
Tan and Mr Teo have extensive accounting and fnancial management expertise and experience, whilst Mr Chia is a qualifed
lawyer with considerable experience and expertise.
The core function of the AC is to oversee the integrity of the fnancial statements and related disclosures, review the internal and
external auditors’ fndings on internal controls, make recommendations to the Board on the appointment, re-appointment of
the external auditor and the remuneration of the external auditor The AC also reviews the quality and reliability of information
prepared for inclusion in fnancial reports. The AC is responsible for the nomination of external auditors and reviewing the
adequacy of existing audits in respect of cost, scope and performance.
The duties and responsibilities of the Committee include:-
(i) To review with the external auditors:-
•
the audit plan, including the nature and scope of the audit;
•
the the audit report.
(ii) To review the quarterly and annual fnancial statements before submission to the Board for approval, focusing in particular,
on:-
•
changes in accounting policies and practices;
•
signifcant adjustments resulting from the audit;
•
compliance with accounting standards; and
•
compliance with stock exchange and statutory/regulatory requirements (including but not limited to, the Listing Rules of the
SGX-ST and the Property Funds Appendix).
(iii) To monitor the procedures established to regulate Interested Person/Related Party Transactions, including ensuring
compliance with the provisions of the Listing Manual relating to transactions between the Trustee (as the Trustee of A-REIT)
and an Interested Person, and the provisions of the Property Funds Appendix relating to transactions between the Trustee (as
the Trustee of A-REIT) and an Interested Party .
(iv) To review the assistance given by Management to the external auditors.
(v) To review annually the scope and results of the audit and its cost effectiveness, as well as the independence and objectivity
of the external auditors. Where the auditors also supply a substantial amount of non-audit services to A-REIT, the nature and
extent of such services should be reviewed in order to maintain objectivity and independence.
(vi) To review the internal audit plan, the scope and results of the internal audit.
(vi) To review and discuss with the external auditors, any suspected fraud or irregularity, or suspected infringement of any
Singapore law, rules or regulations, which has or is likely to have a material impact on A-REIT’s operating results or fnancial
position, and Management’s response.
(vii) To investigate any matter within its Terms of Reference, having full access to and co-operation of Management and full
discretion to invite any Director or executive offcer to attend its meetings, and reasonable resources to enable it to discharge
its functions properly.
ASCENDAS REAL ESTATE INVESTMENT TRUST
ANNUAL REPORT FY11/12
108
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