Audit Committee Annual Action Points


Financial Reporting and Internal Controls

  • Review half-year and annual financial statements
  • 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




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