Singapore Airlines 2016 Annual Report Download - page 75

(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 2016 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 under ‘Information
for Investors’ section.
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
Annual Report FY2015/16 73