Consider management’s selection of accounting policies and principles
Consider the external audit of the financial statements and the external auditor’s report thereon
Consider internal controls including the Company’s policies and procedures to assess, monitor and manage financial risks (and other business risks if authorized)
Annual meeting with External Auditor
Discuss the Company’s choice of accounting policies and methods, and any recommended changes
Discuss the adequacy and effectiveness of the Company’s internal controls
Discuss any significant findings and recommendations of the external auditor and management’s response thereto
Discuss any difficulties or disputes with management encountered during the course of the audit including any restrictions or access to required information
External Auditor Engagement
Establish/review criteria for the selection, appointment and rotation of external auditor
Recommend to the Board to appoint and replace the external auditor and approve the terms on which the external auditor is engaged
Establish/review permissible services that the external auditor may perform for the company and pre-approve all audit/non-audit services
Confirm the independence of the external auditor, including reviewing the external auditor’s non-audit services and related fees
Ensure that the external auditor is requested to attend the AGM of the Company and is available to answer questions from shareholders
Internal Communications and Reporting
Provide an annual report that includes the committee’s review and discussion of matters with management and the external auditor
Regularly update the Board about committee activities and make appropriate recommendations
Ensure the Board is fully aware of matters which may significantly impact the financial conditions or affairs of the business
Other
Verify the membership of the committee is in accordance with the Audit Committee Charter
Review the independence of each committee member based on ASX Corporate Governance Guidelines
Review and update the Audit Committee Charter and Action Points
Develop and oversee procedures for treating complaints or employee concerns received by the Company regarding accounting, internal accounting controls and auditing matter