Audit and Risk Management Committee Charter - Annual Action Points
Financial Reporting and Internal Controls
- Review half-year, annual and, if applicable, quarterly financial statements
- Assess management's selection of accounting policies and principles
- Consider the external audit of the financial statements and the external auditor's report thereon including an assessment of whether external reporting is consistent with Committee members' information and knowledge
- Consider internal controls including the Company's policies and procedures to assess, monitor and manage financial risks (and other business risks if authorised)
- Assess if the external auditors report is adequate for shareholder needs
Annual meeting with External Auditor
- Discuss the Company's choice of accounting policies and methods, and any recommended changes
- Discuss the adequacy and effectiveness of the Company's internal controls
- Discuss any significant findings and recommendations of the external auditor and management's response thereto
- Discuss any difficulties or disputes with management encountered during the course of the audit including any restrictions or access to required information
External Auditor
- Review the Company's Procedure for the Selection, Appointment and Rotation of External Auditor
- Recommend to the Board to appoint and, if necessary, remove the external auditor and approve the terms on which the external auditor is engaged
- Establish/review permissible services that the external auditor may perform for the Company and pre-approve all audit/non-audit services
- Confirm the independence of the external auditor, including reviewing the external auditor's non-audit services and related fees
- Assess the overall performance of the external auditor
- Ensure that the external auditor is requested to attend the Annual General Meeting of the Company and is available to answer questions from shareholders
Internal Communications and Reporting
- Provide the report described in clause 5 of this Audit and Risk Management Committee Charter
- Regularly update the Board about Committee activities and make appropriate recommendations
- Ensure the Board is fully aware of matters which may significantly impact the financial conditions or affairs of the business
Other
- Verify the membership of the Committee is in accordance with the Audit and Risk Management Committee Charter
- Review the independence of each Committee member based on the Company's Policy on Assessing the Independence of Directors
- Review and update the Audit and Risk Management Committee Charter and Action Points
- Develop and oversee procedures for treating complaints or employee concerns received by the Company regarding accounting, internal accounting controls, auditing matters and breaches of the Company's Code of Conduct