Annual Report 2022

Transport International Holdings Limited 2022 Annual Report 124 CORPORATE GOVERNANCE REPORT In 2022, the Audit and Risk Management Committee and the Senior Management held three meetings focusing on safety issues and risk management and two meetings with the Company’s external auditors, KPMG, at which the Company’s financial reports, internal control systems and other relevant matters were reviewed and discussed. At the end of these meetings, the external auditors were invited to discuss in private with members of the Audit and Risk Management Committee issues noted during the course of the audit and any other matters they might wish to bring to the attention of the Audit and Risk Management Committee without the presence of the Senior Management. Following each of the two meetings, the Chairman of the Audit and Risk Management Committee submitted a report to the Board of Directors and gave a briefing on all significant issues identified. The major work undertaken by the Audit and Risk Management Committee in the financial year ended 31 December 2022 included: (a) Supervision of the Company’s Financial Reporting Process, and Internal Control and Risk Management Systems Reviewed with the Senior Management the accounting principles and practices adopted by the Group, the financial results of the Company and its major subsidiaries, the accuracy and fairness of the financial statements, and the scope of internal and external audit work; Reviewed the revised accounting standards and any prospective changes thereto, and considered their impact on the financial reporting of the Company and the Group; Reviewed with the external auditors the effectiveness of the audit procedures, their findings concerning the interim and annual financial statements and results announcements, and the Management’s response to such findings; Discussed and reviewed the internal audit reports prepared by the Head of the Internal Audit Department covering, among other things, audit objectives, audit approach, audit work done and the findings arising therefrom; Examined the qualifications and experience of staff carrying out accounting and financial reporting, as well as the adequacy of resources and training programmes; Conducted reviews with the external auditors and the Senior Management to ensure that connected transactions were properly disclosed in accordance with the requirements of the Listing Rules; and Monitored the operation of the whistleblowing policy Following these reviews and discussions, the Audit and Risk Management Committee recommended to the Board that the unaudited interim financial report of the Company for the six months ended 30 June 2022 and the audited annual financial statements for the year ended 31 December 2022 be approved. (b) Maintenance of Relationship with External Auditors Reviewed the independence of the external auditors and considered their terms of engagement and audit fee proposal to ensure that there was no impediment to their independence; and Ensured that the external auditors conducted their audit and non-audit services effectively Based on the conclusions drawn from these reviews, the Audit and Risk Management Committee recommended to the Board that KPMG, the existing external auditors, be re-appointed as auditors of the financial statements of the Company for the year ending 31 December 2023.