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Unformatted text preview: least one
(1) member of the committee must have an understanding of the industry in which the Company operates. The board
will confirm membership of the committee each year.
The main responsibilities of the Audit Committee are to:
• monitor and make recommendations to the board on the effectiveness of the Company’s external audit
function; • make recommendations to the board in regard to the scope of internal and external audit and the
development of audit plans, the process for putting the external audit out to tender, the appointment of the
external auditors, and report on any exception or qualifications reported or recommendations made by the
external auditor in the auditor’s opinion and management letter; • directly oversee the external audit tender process, including at least two (2) of the members of the Audit
Committee on the interview panel for the tender; • review the form and content of representation letter/s provided to the external auditors; • monitor implementation of any actions required by the board to be taken by management to address any
exceptions or qualifications reported and recommendations made by...
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- Spring '14