Audit Committee

Internal Control and Risk Assessment

The Audit Committee shall keep under review the effectiveness of the Company’s financial reporting and internal control policies and procedures for the identification, assessment and reporting of risks.

External Audit

The Audit Committee shall consider and make recommendations to the Board in relation to the appointment and re-appointment of the Company’s external auditors.

The Audit Committee shall meet with the external auditors at least once each year.  If more than one audit firm is involved the Audit Committee shall monitor co-ordination between them.

The Audit Committee shall keep under review the relationship with external auditors including (but not limited to):-

  • the independence and objectivity of the external auditors
  • the consideration of audit fees which should be paid as well as any other fees which are payable to auditors in respect of non-audit activities; and
  • discussions with the external auditors concerning such issues as compliance with accounting standards and any proposals which the external auditors have made regarding the Company’s internal auditing standards.


Internal Audit

The Audit Committee shall consider at least once a year whether there is a need for an internal audit function.

Financial Statements

The Audit Committee shall keep under review the consistency of accounting policies on a year to year basis.

The Audit Committee shall be responsible for satisfying itself that:-

  • the annual accounts, the preliminary statement of financial results, the interim statement of financial results and any other major financial statements issued by the Company follow generally accepted accounting principles and give a fair and meaningful account of the Company’s and any subsidiary undertakings’ affairs; and
  • matters raised by the external auditors about any aspect of the accounts or of the Company’s control and audit procedures are appropriately considered and, if necessary, brought to the attention of the Board, for resolution.


The Audit Committee shall exercise the following powers and discretions:-

reviewing of the half-year and annual accounts before their submission to the full Board, focusing in particular on:-

  • any changes in accounting policies and practices;
  • major judgmental areas;
  • significant adjustments arising from the audit;
  • the “going concern” assumption;
  • compliance with accounting standards; and
  • compliance with legal and regulatory (including as to corporate governance) requirements;
  • discussion in the absence of the Consultant (if appropriate) of any problems or reservations which the Company’s auditors may have arising from final audits and any interim audits or otherwise;
  • reviewing of the Company’s external auditors’ management letter and management’s response; and
  • consideration of any other matter specifically referred to the Audit Committee by the full Board.

 

Contact

Millennium House,
46 Athol Street, Douglas,
Isle of Man, IM1 1JB.
Telephone: +44 (0) 1624 692 600
Fax: +44 (0) 692 601