SINGAPORE WINDSOR HOLDINGS LIMITED
| Annual Report 2015
23
CORPORATE GOVERNANCE
REPORT
AUDIT COMMITTEE
Principle 10: Accountability and Audit
The Board is accountable to the shareholders while the Management is accountable to the Board. The Board is committed
to providing shareholders with a balanced and understandable analysis and explanation of the Group’s financial
performance, position and prospects to the public, including interim and other price sensitive public reports and reports to
regulators (if required).
The Board ensures that the management maintains a sound system of internal control to safeguard the shareholders’
investment and the Group’s assets.
The Management will provide the Board with detailed management accounts of the Group’s performance, position and
prospects on a quarterly basis.
The Management also presents to the Board the half yearly and full year results and the Audit Committee reports to the
Board on the results for review and approval. The Board approves the results after review and authorized the release of the
results to the SGX-ST and the public via SGXNET.
Principle 11: Risk Management and Internal Controls
The Board is responsible for ascertaining that Management maintains a sound system of internal controls to safeguard
shareholders’ investment and the assets of the Group.
The Board and the AC note that no system of internal controls could provide absolute assurance against the occurrence of
material errors, poor judgment in decision-making, human error, losses, fraud or other irregularities.
The Company has in February 2013 set up a Risk Management Committee (“RMC”) comprising of senior management.
The RMC assists the Board in its risk governance responsibility particularly in ensuring that there is a system of controls in
place for identifying and managing risk in order to safeguard stakeholders’ interests and the Group’s assets.
The Company has also engaged Baker Tilly Consultancy (Singapore) Pte Ltd to carry out a review of the adequacy and
effectiveness of the Group’s risk management and internal control systems to enable the Board and Management to
understand the inherent industry, financial, operational and compliance and information technology risk of the Group. The
AC reviewed the proposed enterprise risk assessment plan prepared by Baker Tilly TFW, the external risk assessment team
engaged to review the Group’s internal controls which address financial, operational and compliance risks. On review
of the report on the summary of the risks faced by the Group, AC consider recommended to the Board any follow-up
measures thereafter.
The Company’s external auditors, in the course of their annual audit, informed the AC and the Board that they are
not aware of any reason to indicate that the internal controls and risk management systems were not adequately and
effectively addressing financial, operational compliance and information technology risks which would warrant highlighting
to the Board and AC.
The Directors have received assurance from the CEO and the CFO in relation to the financial information and controls for
the year, including that the financial records have been properly maintained and the financial statements for the financial
year ended 31 March 2015 give a true and fair view of the Company’s operations and finances and (ii) the Company’s risk
management and internal control systems in place are effective.
Material associates and joint ventures which the Company does not control, are not dealt with for the purpose of this
statement.
Based on the internal controls established and maintained by the Company, works performed by the internal and external
auditors, reviews performed by the Management, the AC and the Board, the Board with the concurrence of the AC is of
the opinion that the system of internal controls addressing financial, operational, compliance and information technology
and risk management systems are adequate and effective in meeting the needs of the Group and provide reasonable
assurance against material financial misstatements or material loss and to safeguard the Group’s assets. This is also
supported by the assurance statement from the CEO and CFO.
