Global Invacom Group Limited Response to Annual Report Queries from SGX-ST (1262J)
25 April 2022 - 4:01PM
UK Regulatory
TIDMGINV
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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END
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