UOB Annual Report 2002 - United Overseas Bank

Directors’ Report
for the financial year ended 31 December 2002
Audit Committee
The Audit Committee comprises four members, all of whom are non-executive independent directors. The members of the Audit
Committee are as follows:
Mr Ernest Wong Yuen Weng (Chairman)
Mr Philip Yeo Liat Kok
Dr Cham Tao Soon
Mr Tan Kok Quan
In its report to the Board of Directors, the Audit Committee reports that it has reviewed with the Bank’s internal auditors their audit
plan and the scope and results of the Bank’s internal audit procedures. The Audit Committee has also reviewed with the Bank’s
auditors, PricewaterhouseCoopers, their audit plan, their evaluation of the system of internal accounting controls, their auditors’
long-form report and the response of management thereto as well as their audit report on the financial statements of the Bank and
the consolidated financial statements of the Group for the year ended 31 December 2002. The financial statements of the Bank and
the consolidated financial statements of the Group for the year ended 31 December 2002 have been reviewed by the Committee
prior to their submission to the Board of Directors.
The Audit Committee has reviewed the Bank’s position with regard to interested person transactions and the assistance given by the
Bank’s officers to PricewaterhouseCoopers.
The Audit Committee has also carried out the functions required of the Committee under the Code of Corporate Governance.
At the date of this report, the Audit Committee is reviewing the nomination of a firm of certified public accountants for appointment
as auditors of the Bank by shareholders at the forthcoming Annual General Meeting.
On behalf of the directors
Wee Cho Yaw
Chairman
Wee Ee Cheong
Deputy Chairman
28 February 2003
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