Singapore Airlines 2013 Annual Report Download - page 51

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ANNUAL REPORT 2012/13
(b) External Audit
The AC discussed with the external auditor the audit plan, and the report on the audit of the year-end financial
statements; reviewed the external auditor’s management letter and Management’s responses thereto; and reviewed the
external auditor’s objectivity and independence from Management and the Company. In assessing independence, the AC
reviewed the fees and expenses paid to the external auditor, including fees paid for non-audit services during the year.
The AC is of the opinion that the auditor’s independence has not been compromised.
In addition, the appointment of the external auditor and the audit fee were considered, and recommendations made to
the Board on the selection of the Company’s external auditor.
(c) Internal Audit
The AC reviewed the scope of internal audit work and its audit programmes; reviewed the major findings during the year
and Management’s responses thereto; and ensured the adequacy of the independence and resource sufficiency of the
internal audit function.
(d) Risk Management
The AC reviewed the adequacy and effectiveness of the Group’s material controls, including financial, compliance and
risk management controls, to safeguard shareholders’ investments and the Group’s assets.
The Risk Management processes adopted are also audited periodically by Internal Audit and their adequacy and
effectiveness reported to the AC accordingly.
Annually, a report is submitted by the Risk Management Department to the Board, which provides a comprehensive
review of the risks faced by the Group. The review includes the identification of risks overseen by the main Board and
its various Board Committees, as well as addresses the current assessment and outlook of the various risk factors.
(e) Interested Person Transactions
The AC reviewed interested person transactions to ensure compliance with the SGX-ST Listing Manual and the
Shareholders’ Mandate obtained at the last Annual General Meeting.
(f) Whistle-Blowing
The AC reviewed and was satisfied with the adequacy of the whistle-blowing programme instituted by the Company
through which staff may, in confidence, raise concerns about possible improprieties in matters of financial reporting
or other matters. All whistle-blower reports are reviewed by the AC at its quarterly meetings to ensure independent
investigation and adequate resolution.
(g) Others
The AC has full access to and co-operation of Management. The AC also has full discretion to invite any Director or
executive officer to attend its meetings, and has been given adequate resources to discharge its functions. The AC meets
with the internal and external auditors without the presence of non-audit Management every quarter.