Singapore Airlines 2014 Annual Report Download - page 59

Audit Committee (Principle 12)
The AC’s activities for FY2013/14, in accordance with its responsibilities and duties under its Charter, included the following:
(a) Financial Reporting
The AC reviewed the quarterly and annual financial statements and financial announcements required by The Singapore
Exchange Securities Trading Limited (“SGX-ST”) for recommendation to the Board for approval. The review focused on changes
in accounting policies and practices, major judgemental 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. The
AC keeps itself apprised of changes in accounting policies and guidelines through scheduled regular updates by the external
auditor, of such, in meeting agendas.
(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.
The Company has complied with Rules 712 and 715 of the SGX-ST Listing Manual in relation to the engagement of its 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.
(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.
057
ANNUAL REPORT FY2013/14