News
Internal Controls Review
Back
Feb 11, 2011
The Board of Directors of Teho International Inc Ltd. (the "Company") refers to the Company's Offer Document dated 25 May 2009 ("Offer Document") in relation to the initial public offering of the Company's shares on the Catalist.
The Board wishes to provide an update where the Audit Committee (the "AC") will, for at least the first two years after our Company's listing, (i) commission the external auditors or a suitable accounting firm to review the adequacy of our Group's system of internal controls; (ii) ensure that all internal control weaknesses are satisfactorily and properly rectified; and (iii) update the SGX-ST on any findings of the external auditors or accounting firm and any follow-up action taken by our Audit Committee.
In this regard, on 30 June 2009, the Board through the recommendation of the AC had appointed Ernst & Young Risk Advisory Services Pte Ltd ("Ernst & Young") to review, recommend and subsequent rectifications follow-up on the Group's internal controls system, and to expand and enhance on its policies and procedures manual. The first review was concluded in December 2009 and was announced on 2 December 2009.
Ernst & Young completed the second review which covered the following processes:
(a) Sales, receivables and collections
(b) Cash and treasury management
(c) Human resources and payroll
A number of areas for improvement were identified relating to internal controls. The AC at its meeting on 9 February 2011 had reviewed the findings and noted that rectification actions have been agreed between Ernst & Young and the Company's management (the "management") to address the areas for improvements, and the management has already implemented and/or will implement such actions by 31 March 2011.
This second review marks the completion of the internal controls review. Going forward, the Audit Committee will conduct its annual review of the internal controls with Ernst & Young conducting the compliance tests at the initial phase of such a review.
BY ORDER OF THE BOARD
TEHO INTERNATIONAL INC LTD.
Kwah Thiam Hock
Independent Director and Chairman of the Audit Committee
Date: 11 February 2011
This announcement has been prepared by the Company and its contents have been reviewed by the Company's Sponsor, Collins Stewart Pte. Limited for compliance with the relevant rules of the SGX-ST. Collins Stewart Pte. Limited has not independently verified the contents of this announcement.
This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made, or reports contained in this announcement. The contact person for the Sponsor is Mr. Alex Tan, Managing Director, Corporate Finance, Collins Stewart Pte. Limited at 77 Robinson Road #21-02 Singapore 068896, telephone (65) 6854-6160.
The Board wishes to provide an update where the Audit Committee (the "AC") will, for at least the first two years after our Company's listing, (i) commission the external auditors or a suitable accounting firm to review the adequacy of our Group's system of internal controls; (ii) ensure that all internal control weaknesses are satisfactorily and properly rectified; and (iii) update the SGX-ST on any findings of the external auditors or accounting firm and any follow-up action taken by our Audit Committee.
In this regard, on 30 June 2009, the Board through the recommendation of the AC had appointed Ernst & Young Risk Advisory Services Pte Ltd ("Ernst & Young") to review, recommend and subsequent rectifications follow-up on the Group's internal controls system, and to expand and enhance on its policies and procedures manual. The first review was concluded in December 2009 and was announced on 2 December 2009.
Ernst & Young completed the second review which covered the following processes:
(a) Sales, receivables and collections
(b) Cash and treasury management
(c) Human resources and payroll
A number of areas for improvement were identified relating to internal controls. The AC at its meeting on 9 February 2011 had reviewed the findings and noted that rectification actions have been agreed between Ernst & Young and the Company's management (the "management") to address the areas for improvements, and the management has already implemented and/or will implement such actions by 31 March 2011.
This second review marks the completion of the internal controls review. Going forward, the Audit Committee will conduct its annual review of the internal controls with Ernst & Young conducting the compliance tests at the initial phase of such a review.
BY ORDER OF THE BOARD
TEHO INTERNATIONAL INC LTD.
Kwah Thiam Hock
Independent Director and Chairman of the Audit Committee
Date: 11 February 2011
This announcement has been prepared by the Company and its contents have been reviewed by the Company's Sponsor, Collins Stewart Pte. Limited for compliance with the relevant rules of the SGX-ST. Collins Stewart Pte. Limited has not independently verified the contents of this announcement.
This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made, or reports contained in this announcement. The contact person for the Sponsor is Mr. Alex Tan, Managing Director, Corporate Finance, Collins Stewart Pte. Limited at 77 Robinson Road #21-02 Singapore 068896, telephone (65) 6854-6160.
