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70ADVANCING AHEADFINANCIAL REPORTING AND INTERNAL CONTROLFinancial reportingThe Directors acknowledged their responsibility for the preparation of the consolidated financial statements of the Group for the year ended 31 December 2024. The statement by the auditors about their reporting responsibilities for the auditors%u2019 report on the financial statements is set out in the Independent Auditor%u2019s Report on pages 118 to 122 of this annual report.The Directors were not aware of any material uncertainties relating to events or conditions that may cast significant doubt on the Company%u2019s ability to continue as a going concern.External Auditor%u2019s RemunerationThe Group%u2019s external auditor is Ernst & Young. The Audit Committee is mandated to ensure continuing auditors%u2019 objectivity and safeguarding independence of the auditor. The Group evaluates the performance and independence of the external auditor on an annual basis before recommending their appointment or re-appointment in the AGM. Any decision to rotate auditors, considering factors such as expertise, quality of audit, and independence is made in consultation with the Audit Committee. Up to the date of this report, the Audit Committee has considered and approved the engagement of Ernst & Young as auditor of the Group for the reporting year and the corresponding audit fee estimation.The remuneration paid or payable by the Group to Ernst & Young in respect of their audit and non-audit services relating to tax and transaction services for the year ended 31 December 2024 amounted to approximately US$4,962,000 and US$715,000,respectively.Internal Controls and Risk ManagementThe Board is responsible for evaluating and determining the nature and extent of the risks the Group is willing to take in achieving its strategies objectives and ensuring that the Group establishes and maintains appropriate and effective risk management and internal control systems on an ongoing basis. This includes ensuring the adequacy of resources, staff qualifications and experience, training programmes and budget of the Group%u2019s accounting and financial reporting, operational and compliance function, as well as those relating to the Group%u2019s ESG performance and reporting.Recognising and managing risks in a timely and effective manner is essential to the Group%u2019s business and protecting its stakeholders%u2019 interests and value. While acknowledging responsibility for the systems and reviewing their effectiveness, the Board recognises that the systems are designed to assist the Group in managing, rather than eliminating the risk of failure to achieve business objectives, and can only provide reasonable and not absolute assurance against material misstatement or loss.Reporting to the Board, the Audit Committee is delegated with the authority and responsibility for ongoing monitoring and evaluation of the effectiveness of the relevant systems. The Audit Committee ensures that a robust risk management framework and sound system of internal controls is maintained by management.Under its terms of reference, the Audit Committee%u2019s scope of duties and responsibilities is as follows:a)reviewing the risk management framework, including the processes and resources to identify, assess, monitor and report key risks;b)overseeing the design, implementation and monitoring of the risk management and internal control system;c)reviewing the adequacy of risk management practices for key risks, such as strategic, financial, compliance, operational, technology and information security risks on a regular basis, including reviewing the governance and process for effective risk management;d)overseeing the matters in the Corporate Governance Code; ande)considering and advising on risk matters referred to it by the Board or management.