MAS financial statements are audited by the Auditor-General.  The main companies in the GIC group and the Governments portfolio managed by GIC are also audited by the Auditor-General.  To enable him/her to do his work without fear or favour, the Auditor-General is appointed by the President and his/her position is safeguarded under the Constitution and the Audit Act. Temasek's consolidated financial statements are audited by leading international audit firms. In addition, Temasek's financial performance is scrutinised by bond rating agencies, which have given it a AAA credit rating.