The Audit Committee comprises Mr Er Kwong Wah (Chairman), Dr Leslie Buckley, and Mrs Ow Foong Pheng.

Its principal responsibility is to assist the Board in maintaining a high standard of corporate governance, particularly by providing an independent review of the effectiveness of the financial reporting process and internal controls system.

In addition to recommending external auditors for endorsement by the Board and for appointment by the Minister, the Audit Committee reviews the independence and objectivity of the external auditors, and the nature and extent of non-audit services provided by them.

It also periodically reviews the overall scope and results of both internal and external audits, to ensure that they are adequate and appropriate.

Interim and annual financial statements are also reviewed by the Audit Committee before they are submitted for the Board’s approval. This is to ensure that appropriate accounting principles and reporting practices are followed.

In addition, the Audit Committee reviews internal processes and activities to ensure compliance with approved procedures. Its focus is on significant changes to systems, controls, processes and financial procedures – to ensure that appropriate business ethics/practices, policies and compliance programs are in place.

In discharging its functions, the Audit Committee is authorised to investigate any matters it deems appropriate within its terms of reference, has full access to and cooperation of management, and has full discretion to invite any Director or employee to attend its meetings.

The NEA Board HR COMMITTEE

The HR Committee comprises Assoc Prof Simon Tay (Chairman), Mr Lee Yuen Hee, and Dr Choong May Ling.

The principal responsibility of the HR Committee is to assist the Board of Directors in ensuring an objective and fair performance management process for the Deputy CEO, Director-Generals (DGs), Directors and equivalent DG/Director-level positions in NEA.

It also reviews and approves salary schemes as well as terms and conditions of service of NEA staff, and ensures that appropriate action is taken with regard to disciplinary matters of a serious nature as well as disciplinary offences committed by the above-mentioned officers, who are direct reports to the CEO.