The Management of Tote Board, Singapore Pools and STC are responsible for the design and implementation of a comprehensive system of internal controls to safeguard assets, maintain proper accounting records and produce reliable financial information.
The system includes defined responsibility and financial authority limits, segregation of duties, reconciliation of financial information, compliance with internal financial policies, financial regulations or government instruction manuals, and maintenance of proper financial records. The ARC oversees the effective implementation of the system of internal controls in Tote Board, Singapore Pools and STC, with the support of Group IA. The ARC, along with the assistance of Group IA and external auditors, has reviewed the financial, operational, compliance and information technology controls.
For FY2018, the ARC has received assurance from the Management of Tote Board, Singapore Pools and STC that:
- the financial statements are drawn up to give a true and fair view of the state of affairs of Tote Board and the Group;
- there are adequate internal controls in place which are operating effectively to provide reasonable assurance in managing risks, safeguarding assets, ensuring reliability of the financial information, and compliance with the laws and regulations by Tote Board and the Group.
Based on the systems of internal controls and risk management established and maintained by the Group, the work performed by Group IA and external auditors, as well as reviews performed by the Management, the ARC is satisfied that the systems of internal controls and risk management are reasonably adequate and effective.
The Investment Committee sets and reviews policies relating to the investment of Tote Board’s surplus funds. It also reviews investment returns, the performance of fund managers as well as the appointment and termination of fund managers, investment consultants and other related service providers.