Audit Committee

The Committee has determined that Mr. I. Egan, as a Fellow of the Australian Society of Certified Practising Accountants (CPA Australia), is the Committee’s financial expert. Members bring considerable financial and accounting experience to the work of the Committee.

The main responsibilities of the Committee include:

• Monitoring the integrity of the financial statements of the Group and any formal announcements relating to the Group’s financial performance, reviewing significant financial reporting judgments contained in them;
• Reviewing the Group’s internal financial controls and internal control and risk management systems;
• Setting and reviewing internal audit work for the Group;
• Making recommendations to the Board for it to put to the shareholders for their approval in general meeting, in relation to the appointment of the external auditor and to approve the remuneration and terms of engagement of the external auditor;
• Reviewing and monitoring the external auditors’ independence and objectivity and the effectiveness of the audit process, taking into consideration relevant professional and regulatory requirements; and
• Developing and implementing policy on the engagement of external auditors to supply non-audit services, taking into account relevant ethical guidance regarding the provision of non-audit services by an external audit firm.