Audit Committee

The primary function of the Board Audit Committee is to assist the Board in fulfilling its oversight responsibilities by reviewing:

The overall audit process of the Corporation;
The systems of internal control which management and the Board of Directors have established;
The financial information, which will be provided to the Shareholding Minister and others.

In meeting its obligations the Board Audit Committee will:

Provide an open avenue of communication between the internal auditors and the Board of Directors;
Have the power to authorise investigations into any matter within the Committee's scope of responsibilities. The Committee shall be empowered to retain independent counsel, accountants, or others to assist it in the conduct of any investigation;
Report regularly to the Board summarising the work performed by the Committee to fully discharge its duties during the year;
Meet with the Corporate Risk and Audit Manager and the External Auditor to discuss, independently of Management where necessary, any matters that the Committee or these groups believe should be discussed privately with the Board Audit Committee;
Monitor the standard of corporate conduct to ensure best practice standards are observed;
Review and as appropriate update the Board Audit Committee Charter annually.