1.

Financial Statements

2.Review Controls

Monitor integrity of financial

statements (including reviewing
significant judgments)
Check
the
clarity
and
completeness of the disclosures
in the financial statements.
Monitor formal announcement
regarding financial performance

Internal controls
Risk management
Internal financial controls

ROLES OF AUDIT COMMITTEE

ROLES OF AUDIT COMMITTEE

4. Internal Audit

5. External Auditors
The audit committee is responsible for
oversight of the companys relations with its
external auditors.

Recommendations for appointment, reappointment and removal

Recommendation for remuneration and
terms of engagement

Remember the approval of the above has to be

given by the shareholders at the AGM!

3. Compliance with laws and

regulations

Monitor effectiveness
Ensure Chief Internal auditor has access to
Chairman
Meet the CIA at least once without the
management present.
Ensure recommendations actions
Review and assess the internal audit plan
Approve appointment/termination of
Chief Internal Auditor
Preserve independence
Monitor and assess the role and
effectiveness of the internal audit function
in the overall context of the companys risk
management system

Review and monitor independence

Develop and implement policy on ea
providing non-audit services
Review qualification and expertise of the
ea
Review the scope of the audit with the
auditor, and satisfy it that this is sufficient.

6. The audit committee should also review the

procedures in place for whistle-blowing within
the company.
There should be arrangements in place for
employees to raise concerns regarding

possible improprieties at the organization and

for these concerns to be independently
investigated and action taken if necessary.