Composition

Membership at the end of 2009 comprised two non-executive directors and one shareholder with the Chief Executive Officer in attendance, where appropriate. 

All members have business knowledge and skills and familiarity with accounting practices and concepts.

The Chief Audit and Compliance Officer and the Chief Financial Officer serve as secretaries to the committee.

Responsibilities:

• Reviews internal controls including financial and business controls;
• Reviews internal audit function and audit activities;
• Facilitates dialogue between auditors and management regarding outcomes of audit reviews;
• Makes proposals with regard to external auditors and their remuneration;
• Works with external auditors to review annual financial statements before full Board approval;
• Ensure compliance with all applicable laws, regulations and operating standards.