201B. Audit committees

Question 1

201B. Audit committees

Answer 1

General overview
[201B.01] Every listed company shall have an audit committee. The function of an audit committee, comprising some of the directors of the company, is to be the overseer of the financial affairs of the company. The Code of Corporate Governance 2012 has recommended a voluntary code on audit committees for listed companies: see Tan Chong Huat, Tan Lay Hong and Long Hsueh Ching, Corporate Governance of Listed Companies in Singapore (2nd edn, 2013, Sweet & Maxwell) paras 2.48–2.49.