CFSL Integrated Report 2025

113

Introduction

Group Overview

Leadership

Strategy & Performance

Corporate Governance Report (Continued)

iii. The Audit and Compliance Committee (‘ACC’)

Mandate

To oversee the Group’s audit processes, financial reporting integrity, and the implementation of internal audit recommendations, while also advising the Board on external auditor appointments. It further ensures compliance with laws and regulations, monitors internal controls, and recommends measures to combat money laundering and the financing of terrorism. • 3 Independent Directors, namely Mr Fareed Jaunbocus (Chairperson), Ms Sharona Ramdoss and Mr Denis Motet; and • 1 Non-executive Director, namely Mr Amédée Darga. All members of the ACC are financially literate, with Mr Fareed Jaunbocus being a Chartered Accountant and Ms Sharona Ramdoss being a Chartered Financial Analyst.

Composition:

“During the year under review, the Audit and Compliance Committee (ACC) met five (5) times to fulfil its oversight responsibilities in relation to financial reporting, internal controls, audit processes, regulatory compliance, and risk management. The Committee has recommended the appointment of the Head of Internal Audit and received regular reports from the latter on the internal audit reviews and investigations carried out during the year. It also reviewed the corresponding management action plans implemented to address identified issues and ensure continuous improvement in internal controls. The Internal Audit Plan for the financial year was reviewed and approved by the Committee. The ACC also took note of the External Audit Plan and engaged with the external auditors on the audited financial statements of CFSL for the year ended 30 September 2025. The Committee reviewed the audited financial statements, accompanying management letters and the quarterly financial statements, which were presented by the Group Chief Financial Officer. In the area of compliance, the Committee received regular updates from the Head of Compliance and the Money Laundering Reporting Officer (MLRO). These updates covered the Group’s adherence to internal policies, procedures, and regulatory requirements, as well as developments in global and local compliance standards.”

Fareed Jaunbocus Chairperson