Audit Committee Charter FINAL

Audit Committee Charter Responsibilities Effective management of financial risks To be constantly aware of the current areas of greatest financial risk and ensure management are effectively managing the risks. To satisfy itself that effective systems of accounting and internal control are established and maintained to manage financial risk. To satisfy itself as regards the integrity and prudence of management control systems, including the review of policies and/or practices. To ensure that the Board is aware of any matters that might have a significant impact on the financial condition or affairs of the entity. Compliant and reliable financial reporting To ensure the entity’s accounting policies and practices comply with the Corporations Act, Australian Accounting Standards, Australian Stock Exchange requirements and generally accepted accounting principles. To review, before submission to the Board, the semi-annual and annual financial statements and any other financial information to be released to third parties. To assess the effects of any new or proposed accounting practices, principles or developments, disclosure requirements and legislative or regulatory pronouncements. Maintenance of effective and efficient audit processes To recommend to the Board the appointment of the internal and external auditors. To review the efficiency and effectiveness of both the internal and ...