Reporting Responsibilities

  1. the Chair of the Committee shall report formally to the Board on its proceedings after each meeting on all matters within its duties and responsibilities;
  2. the Committee shall report annually to the Board on how it has discharged its responsibilities including:
    1. the significant issues that it considered in relation to the financial statements and how these issues were addressed;
    2. its assessment of the effectiveness of the external audit process and the approach taken to the appointment or reappointment of the External Auditor, information on the length of tenure of the current audit firm, when a tender was last conducted and advance notice of any retendering plans;
    3. if the External Auditor provides non-audit services, an explanation of how auditor objectivity and independence are safeguarded;
    4. any other issues on which the Board has requested the Committee’s opinion;
  3. the Committee shall report to the Board annually on the effectiveness of the internal controls (including financial, operational and compliance controls) and internal control and risk management systems and the monitoring thereof, as well as the Company’s policies and procedures for preventing and detecting fraud; and
  4. where the Committee is not satisfied with any aspect of the proposed financial reporting by the Company, it shall report its views to the Board.