Annual Report 2012 - singapore land limited
Annual Report 2012 - singapore land limited
Annual Report 2012 - singapore land limited
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
16<br />
Singapore Land Limited - <strong>Annual</strong> <strong>Report</strong> <strong>2012</strong><br />
CORPORATE GOVERNANCE REPORT<br />
INTERNAL CONTROLS<br />
The Group maintains a sound system of internal controls and risk management for ensuring proper accounting records<br />
and reliable fi nancial information as well as management of business risks with a view to safeguarding shareholders’<br />
investments and the Company’s assets.<br />
The Company has a Risk Management Committee to assist the AC and the Board to, inter alia, determine the Company’s<br />
level of risk tolerance and risk policies, oversee Management in the design, implementation and monitoring the risk<br />
management and internal control systems.<br />
Based on the internal controls established and maintained by the Company, work performed by the internal and external<br />
auditors, and reviews performed by management, the Audit Committee and the Board, the Board with the concurrence<br />
of the Audit Committee is satisfi ed with the adequacy of the Company’s internal controls, addressing the fi nancial,<br />
operational and compliance risks.<br />
The system of internal controls and risk management established by the Company provides reasonable assurance<br />
that the Company will not be materially affected by any event that can be reasonably foreseen. No system of internal<br />
controls and risk management can provide absolute assurance against the occurrence of material errors, fraud or<br />
other irregularities.<br />
INTERNAL AUDIT<br />
The Group maintains accountability through an internal audit function that is independent of the activities it audits. The<br />
internal audit team is guided by the Standards of Professional Practice of internal auditing set by the Institute of Internal<br />
Auditors, and it reports directly to the Chairman of the AC and, administratively, to the CEO.<br />
The Company’s internal auditors review the effectiveness of the Company’s material internal controls, including fi nancial,<br />
operational and compliance controls, and risk management. Any material non-compliance or failures in internal controls<br />
and recommendations for improvements are reported to the AC. The internal audit team has unrestricted access<br />
to all records, properties, functions and co-operation from Management and staff necessary to effectively discharge<br />
its responsibilities.
Change language