57 ANNUAL REPORT 2023 (d) meeting with the external auditors, the internal auditor, the management and any others considered appropriate in separate executive sessions to discuss any matters the ARC believes should be discussed privately and establishing a practice to meet with the external auditors without the presence of the management of the Company at least annually; (e) reviewing the significant financial reporting issues and judgements so as to ensure the integrity of the financial statements of the company and any formal announcements relating to the company’s financial performance; (f) reviewing the effectiveness of the company’s internal audit function that is independent of the activities that it audits, appropriate standing within the Company and adequately resourced; (g) reviewing and taking actions on the arrangements by which staff of the company and external parties may, in confidence, raise concerns about possible improprieties in matters of financial reporting or other matters; (h) reviewing the interested person transactions falling within the scope of the Listing Rules; and (i) meeting principal overseas subsidiaries’ independent directors, the management and any others considered appropriate in their periodic visits to these subsidiaries. During the financial year, the ARC held four meetings and has carried out the above duties as provided in their terms of reference. The ARC keeps abreast of the changes to accounting standards and issues that may have a direct impact on the financial statements by referring to the best practices and guidance in the Guidebook for Audit Committee in Singapore and the reports issued from time to time in relation to the Financial Reporting Surveillance Programme administered by the Accounting and Corporate Regulatory Authority. During the year, the ARC was also briefed on the new accounting standards that might impact the Group’s consolidated financial statements by the external auditors at the ARC meetings. In appointing the auditing firms for the Company, subsidiaries and significant associated companies, the Group has complied with Rules 712, 715, 716 and 717 of the Listing Rules. In line with Rule 1207(6) of the Listing Rules, the ARC has undertaken a review of all non-audit services that are provided by the external auditors and is satisfied that the provision of such services has not affected the independence of the external auditors. The fees that are charged to the Group in respect of the audit and non-audit work by the external auditors are set out as follows: 2023 $’000 2022 $’000 Audit fees : - Auditors of the Company - Statutory audit 508 420 - Other assurance services 45 45 - Other auditors of subsidiaries 417 352 Total audit fees 970 817 Non-audit fees : (a) Tax compliance services - Auditor of the Company 50 38 - Member firm of Ernst & Young Global Limited 138 186 - Other auditors of subsidiaries 230 141 (b) Tax residency services - Member firm of Ernst & Young Global Limited 65 – Total non-audit fees 483 365 Total audit and non-audit fees 1,453 1,182 The ARC has a policy that, for services rendered by the external auditors of the Company, non-audit fees exceeding 50% of the audit fees would not be approved by the ARC. REPORT ON CORPORATE GOVERNANCE
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