Lenovo 2015 Annual Report Download - page 76
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74 Lenovo Group Limited 2014/15 Annual Report
CORPORATE GOVERNANCE REPORT
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. During
the year, there was continued strong focus at the business level to address the fast changing industry trends. At the
operational level, risk management was also strengthened to improve the robustness of our supply chain.
This framework will continue 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
The Group’s external auditor is PricewaterhouseCoopers (“PwC”), who is remunerated mainly for its audit services
provided to the Group. The Company has adopted a policy on engagement of the external auditor for non-audit
services, under which the external auditor is required to comply with the independence requirements under the
Code of Ethics for Professional Accountants issued by the Hong Kong Institute of Certified Public Accountants.
The 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; do not perform any self assessments;
and do not act 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 is
equal to or above US$320,000.
During the year, PwC provided audit and insignificant non-audit services to the Group.
Remuneration of external auditor
The fees paid or payable to PwC for audit and non-audit services for the financial year ended March 31, 2015 and
the comparative figures for the financial year ended March 31, 2014 are as follows:
2015
US$mn
2014
US$mn
Audit 7.4 4.5
Non-audit 1.9 0.7
Total 9.3 5.2