Lenovo 2012 Annual Report Download - page 51
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2011/12 Annual Report Lenovo Group Limited 49
The ERM framework covers all types of risks faced by the Company, both external and internal, and has helped enhance
the Company’s efforts to provide strong support for our rapid growing business, across all markets. This framework
will continued to be strengthened, so as to create a robust risk management culture which safeguards the value of the
Company.
External Auditor
Independence of External Auditor
TheGroup’sexternalauditorisPricewaterhouseCoopers(“PwC”),whoisremuneratedmainlyforitsauditservicesprovided
to the Group. The Company has adopted a policy on engagement of external auditor for non-audit services, under which
the external auditor is required to comply with the independence requirements under Code of Ethics for Professional
Accountants issued by Hong Kong Institute of Certified Public Accountants. External auditor may provide certain non-audit
services to the Group given that these do not involve any management or decision making functions for and on behalf
of the Group; or perform any self assessments; or acting in an advocacy role for the Company. The engagement of the
external auditor for permitted and approved non-audit services shall be approved by the Audit Committee if the value of
such non-audit services equals to or above US$320,000.
During the year, PwC provided audit and insignificant non-audit services to the Group.
Remuneration of External Auditor
The fees paid or payable to PwC for audit and non-audit services for the financial year ended March 31, 2012 and the
comparative figures for the financial year ended March 31, 2011 are as follows:
2012 2011
US$mn US$mn
Audit
– 2010/11 –4.0
– 2011/12 5.5 –
5.5 4.0
Non-audit 1.9 0.6
Total 7.4 4.6