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STAMFORD LAND CORPORATION LTD
The Group is supported by a well-established compliance and internal audit department. The
Internal Auditor reports to the Chairman of the AC. He plans the internal audit schedules which
includes a review of the effectiveness of the Group’s material internal controls in consultation
with, but independent of the management. The internal audit plans are submitted to the AC for
approval at the AC’s meetings.
Formal procedures are in place for the internal and external auditors to report their fndings and
recommendations to the management and AC. The internal and external auditors also have
unrestricted access to the AC. The AC also meets up with the internal and external auditors
separately at least once a year without the presence of the management, in order to have free
and unfltered access to information that it may require.
There were no non-audit services provided by the external auditors during the fnancial year
ended 31 March 2012.
The Group has in place Whistle-Blower Policy and Procedures, pursuant to which staff may, in
confdence, raise concerns about possible improprieties in matters of fnancial reporting or other
matters. This helps to ensure that arrangements are in place for the independent investigation
of such matters and for appropriate follow up action. All employees may address their report to
the Whistleblower Panel (comprising Head of Internal Audit, Director of Human Resources and
General Counsel) and/or the Chairman of the Audit Committee. Direct contact details of the
Whistleblower Panel and the Chairman of the Audit Committee were made available to all staff.
4. INTERNAL CONTROLS AND INTERNAL AUDIT
(Principles 12 and 13)
a. Risk Assessment and Management
The Group has identifed the following key risk areas:
● Operational risk
● Compliance and legal risk
● Financial risk
● Investment risk
Corporate Governance Statement