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Obtain assurance from management that all financial and non-financial internal control and risk management functions are operating effectively and reliably.
Provide an independent review of an companys reporting functions to ensure the integrity of financial reports. Monitor the effectiveness of the companys performance management and performance information. Provide strong and effective oversight of an companys internal audit function.
Provide
effective or facilitate communication between management and external audit. oversight of the implementation of accepted audit recommendations.
the agency effectively monitors compliance with legislative and regulatory requirements and promotes a culture committed to lawful and ethical behaviour.
Provide
Ensure
CRITERIA Personal Qualities Maintain Independence Maintain Ethical Standard Avoid Conflict of Interest Act Confidentially
An ability to ask relevant questions, evaluate answers and continue to probe for information until completely satisfied with the answers provided.
The desire to always encourage openness and transparency. An ability to think independently, objectively and have an inquiring mind. Strong ethical values, including a thoughtful approach to ethical issues that might be faced. A sense of integrity and an ability to give direct and honest opinions A proven ability to be open to, accept and foster change.
Members shall not allow other direct or indirect professional relationships to affect in any way the conduct of their activities for the Company, and vice versa.
Members must not use companys information for any personal gain for themselves or their immediate family or in any manner that would be contrary to law or detrimental to the welfare and goodwill of the company.
Where a member using his/her best judgment comes to the conclusion that he/she may be in a position or situation liable to give rise to a conflict of interest, it shall be that members duty to declare so forthwith in writing to the Chairman of the Audit Committee, who will decide what course of action is to be taken.
Members of the Audit Committee are bound by the obligation of confidentiality in respect of information received in the course of their duties, in accordance with the relevant Company's rules, policies and guidelines.
COMPOSITION
At least 3 members At least 1 financial Expert
Reliability of Financial Information Reliability of system controls Ethical conduct of Management and employees Legal Matters involving the corporation