Internal Audit Committee (“IAC”)

The IAC is chaired by the Chief Operating Officer and members comprise Heads of Business and Support Units. The IAC generally provides support to the Audit Committee of the Board on audit matters, and the salient terms of reference of the IAC include the following:-

(a) To deliberate the findings and reports of the internal auditor, external auditor, and regulatory auditor;

(b) To oversee the appropriateness of the management’s responses and the effectiveness of the management’s actions in respect of the audit findings prior to submission to the ACB; and

(c) To review the summary of the outstanding audit findings and the status of rectification thereof.

The IAC holds meetings every fortnightly. There were 20 meetings held for the financial year ended 30 June 2009.