AUDIT COMMITTEE CHARTER Version 12 Approved October 2007

AUDIT COMMITTEE CHARTER Version 12 – Board Approved 17 October 2007 Next Review Due: October 2009 FUNDS SA BOARD POLICY AUDIT COMMITTEE CHARTER 1. INTRODUCTION The Audit Committee (“Committee”) is a subcommittee of the Funds SA Board, established as required by section 27(2) of the Superannuation Funds Management Corporation of South Australia Act 1995 (“the Act”). Section 27(2), (3) and (4) of the Act states: (2) The Corporation must establish an Audit Committee. (3) The Audit Committee will comprise – (a) the Board of Directors, or such members of the Board as the Board may from time to time determine; and (b) such other person or persons as the Board may from time to time appoint. (4) The functions of the Audit Committee include – (a) the reviewing of financial statements prior to their approval by the Board, to ensure that the statements provide a true and fair view of the Corporation and the public sector superannuation funds; and (b) assisting the external auditors on all matters concerning the conduct and outcome of annual audits of the Corporation and the funds; and (c) regularly reviewing the adequacy of the accounting, internal auditing, reporting and other financial management systems and practices of the Corporation. This Charter establishes the terms of reference within which the Committee will discharge its functions, as ...