i'mpact Singapore Tourism Board Annual Report 2010/2011

Corporate Governance
The AC has the explicit authority to investigate any matter within its terms of reference and has full access to, and co-operation of,
the Management. It has direct access to the Internal Audit and external auditors as well as full discretion to invite any Board member
or Management staff to attend its meetings. In addition, during the financial year, the AC has met both the external auditors and staff
of Internal Audit without the presence of Management. For the proper discharge of its function and duties, reasonable resources
have been made available to the AC.
Internal Controls
The Board has ensured that the Management maintains a sound system of internal controls to safeguard the interests of
stakeholders and the assets of the STB. The AC has ensured that a review of the effectiveness of the STB’s internal controls,
including financial, operational and compliance controls, and risk management, takes place annually through the various audits
performed and related reports issued to the AC. For certain projects or areas where independent expertise is specially required in
connection with the review of controls, external professionals and service providers have been appointed accordingly.
External Audit
As part of the annual financial statements audit, the external auditors carried out a review of the significant internal controls. Such
controls are mainly determined by the purpose of the audit and the scope of works under the audit plan. Any material noncompliance
and/or internal control weaknesses, together with the external auditors’ recommendations, were addressed and made
known to the AC.
To maintain the independence of the external auditors, the AC reviewed the scope and results of the external audit including the
volume of non-audit services, if any, duly performed by them.
Internal Audit
The Internal Audit reports to the AC functionally and to the Chief Executive administratively. As part of its auditing, the Internal Audit
is guided by the current International Professional Practices Framework issued by the Institute of Internal Auditors. The adequacy of
funding and staffing of the Internal Audit and its appropriate standing within the STB have been ensured by the AC.
The Internal Audit adopts risk-based auditing as its key audit assurance practice. It provides reasonable assurance on the
effectiveness of control and governance processes in managing risks and accomplishing objectives to various regional offices, major
process owners and policy-makers of the STB.
Finance and Investment Committee
The Finance and Investment Committee comprises four Directors. Its responsibilities are broadly categorised into three areas:
Finance, Fund Management and Risk Advisory.
It endorses the STB Workplans and Budget before submission to the STB Board for approval. The Committee also approves
tenders, expenditures and proposed changes to the STB’s Financial Regulations.
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