Page 62 - CON Boardpack July 20200708 Final_Neat

RESPONSIBILITIES OF THE
AUDIT & RISK COMMITTEE

Task Responsible Meeting date
Evaluate terms of reference of the Audit & Risk
Committee Willie Miller February
Appointment of external auditors, considering the September
independence of the external auditors National Council (AGM)
Consider the effectiveness of the internal control
system, including information technology security and Audit Comm February
control
Evaluate whether management is setting an
appropriate "control culture" Audit Comm November
Development, implementation and review of the risk
management plan Audit Comm February

Approve engagement letter of external auditors Audit Comm February
Approval of external auditor client service plan and
audit fee Audit Comm February
Approve in advance non-audit services rendered by
the external auditors Audit Comm February
Review the budget for recommendation to the
Executive Board Audit Comm November
Review of risk register for completeness of risks,
adequacy of mitigating controls, assessment of Audit Comm February
inherent and residual risk and action plans
Review adequacy of internal financial management Audit Comm November
reporting
Consider the findings and recommendations of the Audit Comm July
external auditors
Review and recommend to the Executive Board the
annual financial statements Audit Comm July

Interview of the Chief Executive Officer Audit Comm July

Interview of the Independent external auditor Audit Comm July

Review of effectiveness of the external Auditors Audit Comm July
Report to the Executive Board (Covering letter
accompanying the minutes of every meeting) Audit Comm
Report on the activities and duties to the Annual
General Meeting of Members External Auditor September AGM

62