b'CORPORATE GOVERNANCECORPORATE GOVERNANCE.The SFA Board and Leadership Team have put in place a framework for adherence to good corporate governance practices. The SFA Act governs the work of SFA and its Board. Board members hail from a broad range of fields from both the public and private sectors, providing a spectrum of expertise and depth of experience to the organisation. Internal control framework SFA has in place an organisation-wide system of internal controls, which includes:Anorganisationstructurewithcleardefinitionsofresponsibilityandreportingmechanismsatdifferentlevelsof the organisation Documented policies and procedures, proper segregation of duties, approval procedures and authorisations and checks and balances built into SFAs processes Systems to safeguard assets, maintenance of proper accounting records, reliability of financial information, compliance with appropriate legislation, regulations and best practice Financial Regulations that set out financial policies, procedures and financial authority on the various operations in SFA; A code of conduct that lays out the values and key principles governing the conduct of officers and provides guidance as they carry out their daily workA whistleblowing policy that allows officers and external parties to report on fraudulent and wrongful practices; and Independent internal audit function and external audit functions These internal control systems are designed to manage risks rather than to eliminate the risk of failure and provide only reasonable and not absolute, assurance against fraud, material misstatement or loss. Internal and external audit functions The Internal Audit Unit operates independently from other groups in SFA and reports to the SFA Boards Audit and Risk Committee.The Internal Audit Unit advises SFAs management and the Audit & Risk Committee on the system of internal controls in SFA. Reviews performed by the unit help the board in promoting good corporate governance by assessing the design and operating effectiveness of the controls. The reviews also focus on compliance with government instruction manuals and SFAs policies and procedures. SINGAPORE FOOD AGENCYANNUAL REPORT 2019/20 11'