Singapore Airlines 2003 Annual Report Download - page 35

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33
SIA Annual Report 02/03
3.3 The Committee is required by the Company’s Audit and Risk Committee Charter to meet at least four times a year, with
the internal and external auditors of the Company, including having time for discussion without the presence of
Management. For 2002-03, four Committee meetings were held.
3.4 The members of the Committee are:
Chairman : Edmund Cheng Wai Wing
Members : Koh Boon Hwee
Ho Kwon Ping
All members were present at the meetings held in 2002-03.
3.5 The Committee’s actions in 2002-03, in accordance with its responsibilities and duties under its Charter, included the
following :
(a) Financial Reporting
The Committee reviewed with Management the interim and annual financial statements and financial announcements
required by Singapore Exchange Securities Trading Limited (SGX-ST) before endorsing to the Board for approval.
The reviews focused on changes in accounting policies and practices, major judgmental and risk areas, significant
adjustments resulting from the audit, the going concern assumption, compliance with accounting standards,
compliance with SGX-ST and other legal requirements.
(b) External Audit
The Committee 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;
reviewed the external auditor’s objectivity and independence from Management and the Company. 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 auditors.
(c) Internal Audit
The Committee 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 internal audit function.
(d) Risk Management
The Committee reviewed with Management, and the internal and external auditors, the effectiveness of the
Company’s material controls, including financial, operational and compliance controls, and risk management in
safeguarding shareholders’ investments and the Company’s assets.
(e) Interested Person Transactions
The Committee reviewed interested person transactions as stipulated in the SGX-ST Listing Manual and the
Shareholders’ Mandate.
(f) Compliance Matters
The Committee reviewed with the Company’s legal counsel, compliance matters including corporate securities
trading policies.