Singapore Airlines 2015 Annual Report Download - page 73

Group’s material controls, including financial, compliance
and operational 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
eectiveness 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.
(f) Whistle-Blowing
The AC reviewed and was satisfied with the adequacy of
the whistle-blowing programme instituted by the Company
through which sta 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 oicer 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.
Internal Audit (Principle 13)
SIA Internal Audit is an independent department that reports
directly to the Audit Committee. The department assists the
Committee and the Board by performing regular evaluations
on the Group’s internal controls, financial and accounting
matters, compliance, business and financial risk management
policies and procedures, and ensuring that internal controls are
adequate to meet the Group’s requirements. SIA Internal Audit
is a member of the Singapore Chapter of the Institute of Internal
Auditors (“IIA”) and meets the Standards for the Professional
Practice of Internal Auditing set by the IIA.
SIA Internal Audit also performs analyses of data and
transactions periodically (continuous monitoring) on selected
areas that are more susceptible to fraud risk.
In relation to audit activities conducted during the financial
year, SIA Internal Audit had unfettered access to the Group’s
documents, records, properties and personnel, as well as the AC.
The Control Self Assessment (“CSA”) Programme established
since FY2003/04 provides a framework for Management to
obtain assurance on the state of internal controls. The CSA
Programme requires operating departments’ management to
review and report annually on the adequacy of their respective
units’ control environment to the AC. Internal Audit performed
independent and random reviews during the year to validate
the results of these self assessments.
Based on the internal controls established and maintained
by the Group, work performed by the internal and external
auditors, and reviews performed by Management and
various Board Committees, the Board with the concurrence
of the AC is of the opinion that the Group’s internal controls
were adequate and eective as at 31 March 2015 to address
financial, operational, information technology and compliance
risks, which the Group considers relevant and material to its
operations.
The Board notes that the system of internal controls provides
reasonable, but not absolute, assurance that the Group will
not be aected by any event that could be reasonably foreseen
as it strives to achieve its business objectives. In this regard,
the Board also notes that no system can provide absolute
assurance against the occurrence of material errors, poor
judgement in decision-making, human error, fraud or other
irregularities.
Shareholder Rights and Responsibilities
(Principles 14 and 15)
Singapore Airlines is committed to continually strengthen our
relationship with the investing community and believes in
timely and consistent disclosure of pertinent information to
enable a transparent assessment of the Company’s value. The
Company values dialogue with shareholders, and holds analyst
and media briefings when announcing half-yearly and year-end
results. Full transcripts of the proceedings are made available
on SGXNet and our Company’s website at www.singaporeair.
com/investor.
All financial results, as well as price-sensitive information, are
released in a timely manner through various media, including
press releases posted on the Company’s website and disclosure
via SGXNet. The Company’s website is an important source of
information for shareholders and the investment community.
Quarterly results announcements, news releases, presentation
slides, monthly operating statistics, annual reports,
sustainability reports and other key facts and figures about the
Company are available on the Investor Relations website.
Singapore Airlines | Annual Report FY2014/15 | 71