Singapore Airlines 2011 Annual Report Download - page 45

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ANNUAL REPORT 2010/2011 043
A comprehensive evaluation of the incumbent external auditor’s competency and quality of the work,
objectivity and independence, and exercise of professional skepticism was performed. 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 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 effectiveness of the Company’s material controls, including financial, 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 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.
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.