Audit and Risk Committee
The Audit and Risk Committee (“ARC”) comprises five independent directors. The members at the end of the financial year were
as follows:
Mr Michael Grenville Gray (Chairman)
Mr Alan Rupert Nisbet
Mr David Lim Tik En
Mr T.V. Mohandas Pai
Mr Ng Eng Leng
The ARC carried out its functions in accordance with Regulation 13(6) of the Singapore Business Trusts Regulations, including
the following:
•
Reviewing with the external and internal auditors, the audit plans and audit reports and the auditors’ evaluation of the
system of internal accounting controls, based on the recommendations and observations of the auditors;
•
Reviewing the quarterly and annual financial statements and the external auditor’s report on the annual financial statements
of the Trust before submission to the Board of Directors;
•
Reviewing the assistance given by the Management of the Trustee-Manager to the auditors of the Trust;
•
Reviewing the policies and practices put in place by the Management of the Trustee-Manager to ensure compliance with
the applicable laws, regulations, guidelines and constitutional documents of the Trust;
•
Reviewing the procedures put in place to address any conflict that may arise between the interests of the Unitholders
and those of the Trustee-Manager, including interested person transactions, the indemnification of expenses or liabilities
incurred by the Trustee-Manager and the setting of fees and charges payable out of the trust property;
•
Reporting to the Board of Directors of the Trustee-Manager on any inadequacies, deficiencies or matters of concern of
which the ARC becomes aware or that it suspects, arising from its review of the above described;
•
Reporting to the Board of Directors of the Trustee-Manager on any breach of the Singapore Business Trusts Act or any
breach of the provisions of the Trust Deed of which the ARC becomes aware or that it suspects;
•
Reporting to the Monetary Authority of Singapore if the ARC is of the view that the Board of Directors of the Trustee-
Manager has not taken, or does not propose to take, appropriate action to deal with a matter reported by the ARC to the
Board of Directors;
•
Reviewing the independence and objectivity of the external auditor annually, including considering the nature and extent
of non-audit services performed by the external auditor;
•
Meeting with the external and internal auditors, without the presence of the Management of the Trustee-Manager, at least
once annually;
•
Recommending the appointment, re-appointment or removal of the external or internal auditors to the Board;
•
Investigating any matters within the ARC’s terms of reference, whenever it deems necessary; and
•
Undertaking such other functions as may be agreed to by the ARC and the Board of Directors of the Trustee-Manager.
TRUSTEE-MANAGER’S STATEMENT
For the financial year ended 31 March 2016
.76
ASCENDAS india trust ANNUAL REPORT
2015/2016
