Common use of Audit and Risk Charter Clause in Contracts

Audit and Risk Charter. 4.1 General scope and authority The Audit and Risk Committee is a committee of the Board and is established in accordance with the authority provided in the constitution. The Board has resolved to establish this committee and to adopt these terms of reference to govern the proceedings and meetings of the Audit and Risk Committee. The primary role of the Audit and Risk Committee is to monitor and review the effectiveness of the Company's control environment in the areas of operational risk, legal and regulatory compliance and financial reporting. The Audit and Risk Committee also has the responsibility for the review of the Company's corporate governance policy. The Committee will advise and assist the Board in the discharge of its responsibility to exercise due care, diligence and skill in relation to: » reporting of financial information to users of financial reports, in particular the quality and reliability of such information; » assessing the consistency of disclosures in the financial statements with other disclosures made by the Company to the financial markets, governmental and other public bodies; » review and application of accounting policies; » financial management; » review of internal and external audit reports to ensure that where weaknesses in controls or procedures have been identified, appropriate and prompt remedial action is taken by management; » evaluation of the Company's compliance and risk management structure and procedures, internal controls and ethical standards; » review of business policies and practices; » conduct of any investigation relating to financial matters, records or accounts, and reporting those matters to the Board; » protection of the Company’s assets; » compliance with applicable laws, regulations, standards and best practice guidelines; and » review of the Company's corporate governance policy.