Singapore Airlines 2009 Annual Report Download - page 40

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Board Audit Committee Activities (Principle 11)
The AC’s activities for fi nancial year 2008/09, in accordance with its responsibilities and duties under its Charter,
included the following:
(a) Financial Reporting
The AC reviewed the interim and annual fi nancial statements and fi nancial announcements required by
SGX-ST for recommendation to the Board for approval. The review focused on changes in accounting
policies and practices, major judgmental and risk areas, signifi cant 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 AC discussed with the external auditor the audit plan, and the report on the audit of the year-end
fi nancial 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. 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 AC reviewed the scope of internal audit work and its audit programmes; reviewed the major
fi ndings during the year and Management’s responses thereto; and ensured the adequacy of the
independence and resource suffi ciency of the internal audit function.
(d) Risk Management
The AC reviewed the effectiveness of the Company’s material controls, including fi nancial, compliance
and risk management controls, to safeguard shareholders’ investments and the Company’s assets.
(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 is apprised of all cases of whistle-blowing. Cases that are signifi cant are reviewed by the AC for
adequacy and independence of investigative actions and resolution.
The AC has full access to and co-operation of Management. The AC also has full discretion to invite any Director
or executive offi cer to attend its meetings, and has been given adequate resources to discharge its functions.
During the year, the AC met with the internal and external auditors without the presence of Management.
The AC has undertaken a review of the fees and expenses paid to the external auditors, including fees
paid for non-audit services during the year, and is of the opinion that the auditor’s independence has not
been compromised.
CORPORATE GOVERNANCE REPORT
For the period 1 April 2008 to 31 March 2009
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