CORPORATE GOVERNANCE STATEMENT
Principle 13: Internal Audit
The Group is supported by a compliance and internal audit department. The Internal Auditor
(the “IA”) reports to the Chairman of the ARMC on audit matters and to the COO on
administrative matters.
The IA plans the internal audit program which includes a review of the Group’s risks assessments
and the effectiveness of the Group’s material internal controls to address the identified risks,
in consultation with, but independent of the Management.
The ARMC is satisfied that the IA function is adequately resourced and has the appropriate standing
within the Company to undertake its activities independently and objectively.
The IA performs detailed work to assist the ARMC in the evaluation of the Group’s operational,
compliance and legal, financial, investment and information technology controls based on an internal
audit plan approved by the ARMC. Any material non-compliance or weakness noted in internal
controls, including recommendations for improvements, are reported to the ARMC. The ARMC also
reviews the effectiveness of actions taken by Management in response to recommendations made
by the IA.
Based on the internal controls established and maintained by the Group, work performed by the
Internal and External Auditors, and reviews performed by Management, various Board Committees
and the Board; the Board with the concurrence of the ARMC, is of the opinion that the internal
controls in place are adequate in addressing the Group’s operational risk, compliance and legal
risk, financial risk, investment risk and information technology controls risk in its current business
environment.
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STAMFORD LAND CORPORATION LTD
ANNUAL REPORT 2013/2014
