REG - Global Invacom Group - Response to Annual Report Queries from SGX-ST

Global InvacomAnnouncement

25/04/2022 07:15

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RNS Number : 1262J  Global Invacom Group Limited  25 April 2022

 

 

 

 

 

GLOBAL INVACOM GROUP LIMITED

(Incorporated in the Republic of Singapore)

(Company Registration No. 200202428H)

 

 

RESPONSE TO QUERY FROM SINGAPORE EXCHANGE SECURITIES

TRADING LIMITED ("SGX-ST") ON THE ANNUAL REPORT FY2021

 

 

The Board of Directors (the "Board") of GLOBAL INVACOM GROUP LIMITED (the
"Company") refers to the following query raised by the SGX-ST on 22 April 2022
and provides additional information in relation to the Company's annual report
("Annual Report") for the financial year ended 31 December 2021 ("FY2021"), as
follows:

 

SGX-ST's Query:

 

Rule 1207(10C) requires the Audit Committee's comment on whether the internal
audit function is independent, effective and adequately resourced. Please
disclose the Audit Committee's comment.

 

Company's response to Query:

 

As announced on page 41 of the Company's Annual Report FY2021, the Group's
internal audit function in FY2021 is outsourced to Nexia TS Risk Advisory Pte.
Ltd. ("Nexia TS"), a member of the Nexia TS Public Accounting Corporation
Group.  Nexia TS is well experienced in internal audits, risk management
services and advisory services in the region and is a member of the Singapore
Institute of Internal Auditors.

 

The internal audit function is carried out based on the Nexia TS Internal
Audit methodology which is consistent with the standards set by nationally or
internationally recognised professional bodies including the International
Standards for the Professional Practice of Internal Auditing set by The
Institute of Internal Auditors. The Audit and Risk Committee ("ARC") is
satisfied that the internal audit function carried out by Nexia TS is
adequately resourced and staffed with persons with the relevant qualifications
and experience.

 

Accordingly, the ARC believes that the Group's internal audit function is
independent, effective and adequately resourced.

 

 

BY ORDER OF THE BOARD

 

 

Anthony Brian Taylor

Executive Chairman

 

 

23 April 2022

 

 

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