The Board has established an Audit and Risk Committee which is responsible for assisting the Board in discharging its oversight responsibilities in relation to audit and financial reporting matters.
The Committee has adopted a Charter. The responsibilities of the Committee pursuant to its Charter include:
Auditing and financial reporting
- overseeing the financial reporting process to ensure the balance, transparency and intergrity of published financial reports, including;
- reviewing the appropriateness of accounting policies adopted in relation to financial reporting;
- assessing management’s process supporting the financial reporting process;
- considering the results of the audit, including recommendations submitted by the external auditor and management’s responses; and
- making recommendations to the Board regarding same.
- reviewing the effectiveness of internal controls relevant to the financial reporting function;
- reviewing the independence of the external auditors and audit process, including:
- making recommendations regarding the appointment/removal of the external auditor and rotation of the external audit partner;
- assessing the performance of the external auditor; and
- reviewing non-audit services provided by the external auditor and compliance with the Company’s External Auditor Policy;
- reviewing the company’s process for monitoring compliance with laws and regulations affecting financial reporting; and
- considering and reporting to the Board of any such other matters as the Board may refer to the Committee from time to time.
- the Committee shall meet with the external auditor at least once a year and at any other time during the year considered necessary without the presence of management.