CAT Audit Committee Charter

CORPORATE GOVERNANCE POLICIES AUDIT COMMITTEE CHARTER 1.1 Purpose/Objectives The Board of Catalyst Metals Limited has assigned to the Audit Committee the responsibilities referred to in the Terms of Reference (refer 1.2 below). The Audit Committee is to consist of all Non-Executive Directors, and access is totally unrestricted to the Executive Director and external auditors. Access to independent consultants is permitted under the procedures dealing with Directors’ rights to access external professional advice. The Audit Committee’s primary objective is to review the effectiveness of internal and operating controls, the quality and reliability of financial information, compliance with accounting policies determined by the Board and the adequacy, scope and quality of the annual audit and half-yearly review performed by the external auditor. 1.2 Terms of Reference The Audit Committee’s responsibilities include: • Reviewing the nomination and performance of the external auditors. • Overseeing the independence of the external auditors. • To review the audited annual and half yearly financial statements and any reports which accompany published financial statements before submission to the Board, recommending their approval, focusing particularly on: any changes in accounting policies and practices; major judgmental areas; significant adjustments, accounting and financial reporting issues resulting from the ...