Audit and Compliance Committee
The role of the Audit and Compliance Committee as described in its charter is to:
- Review the manner in which the accounting and internal control systems are assessed as adequate and effective;
- Review accounting and disclosure policies, financial and management accounting reporting practices;
- Review recoverable amounts of assets compared to book values and recommend to the board any variations;
- Make due enquiry to satisfy itself provisions have been made for all known liabilities;
- Review prior to presentation to board, statutory accounts and financial statements;
- Monitor relationship with the external auditors, review and agree the scope of the external audit program;
- Recommend to the board the appointment and remuneration of external auditors;
- Review policies and procedures to ensure areas of risk have been identified and that appropriate processes are in place for their management; and
- Review any matter which has the potential to affect the financial standing of the Company including but not restricted to litigation, claim, contingency and tax assessment.