Safeguard Integrity
The Board has established an Audit and Compliance Committee comprised of the four non-executive directors. This committee operates under a charter to enable it to perform its role and responsibilities. Where considered appropriate, the Company's external auditors and the Company's management are invited to attend meetings. The Members of the Audit Committee are:
Paul Teisseire (chair), Ross Johnston, Max Cowley and Michael Givoni.
The role of the Audit and Compliance Committee is to assist the Board fulfill its responsibilities in relation to the identification of the areas of significant business risks and the monitoring of the following:
Effective management of financial and other business risks;
Reliable management reporting;
Compliance with laws and regulations in respect to financial reporting;
Maintenance of effective and efficient audits;
Meeting with external auditors on a twice-yearly basis and informally as circumstances require; and
Recommending to the Board the appointment, removal and remuneration of the external auditors, and review their terms of engagement, and the scope and quality of the audit.
The Audit and Compliance Committee provides the Board with additional assurances regarding the reliability of financial information for inclusion in the financial statements. To that extent, the Managing Director and the Chief Financial Officer are required to declare to the board that in their opinion the Financial Statements and notes to the Accounts within the Annual Report are in accordance with the Corporations Act 2001, comply with the Accounting Standards and the Corporations Regulations 2001 and give a true and fair view of the financial position of the company and are based upon a sound system of risk management and internal compliance and control prior to the signing of the Directors' Declaration in the Annual Report.
The committee is chaired by an independent chair who is not the chairman of the board.