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Financial Reports

  Annual Report of the Board of directors for the year    ended 31 december 2008
  Statement of the Directors’ Responsibility for the    preparation of Financial Statements
  Audit Committee Report
  Independent Auditors' Report
  Income Statement
  Balance Sheet
  Consolidated Statement of Changes in Equity
  Cash Flow Statement
  Notes to the consolidated Financial Statements
  Ten Year Progress
 

 

 

AUDIT COMMITTEE REPORT

The Audit Committee reviews the financial reporting process, the system of internal control and management of financial risks, the internal audit process and the Company’s process for monitoring compliance with laws and regulations and the business practices. The committee maintains effective working relationships with the Board of Directors, External Auditors and the Internal Auditors. The Audit Committee comprised four directors; two from GOSL and two from GTH. The Chief Internal Auditor and Chief Financial Officer regularly attend the Audit Committee meetings by invitation.
By the end of year 2008, the Audit Committee members are as follows:

•  Mr. Sidath Fernando - Chairman
•  Mr. Sumith Wijesinghe - Member
•  Mr. Sandip Das - Member
•  Mr. Chan Chee Beng - Member

The Audit Committee held four meetings during the period under review and initiated appropriate action to strengthen the internal control of certain business activities reported by ensuring the corrective and preventive measures in addition to the normal business of the Audit Committee.

Specially, during the fourth quarter of the year, the Audit Committee outsourced consultant to review the existing Terms of References of Audit Committee and also to prepare the Internal Audit Charter with a view to ensure good corporate governance, practices and to implement sound systems of internal controls and risk management processes within the SLT group. The Audit Committee has also engaged the multinational Telecommunications companies in the Asian Region such as Maxis Communications Berhad with a view to understand the industry's best practices in Audit and where relevant, adapt any processes to further minimise the risk exposure to SLT Group of Companies. The Audit Committee also initiated the external reviewing of Internal Audit to strengthen the internal audit function in order to cope with the business needs of the Audit Committee.

Sidath Fernando
Chairman,
Audit Committee

17 February 2009

 
 
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