Page 63 - CON Boardpack July 20200708 Final_Neat

RESPONSIBILITIES OF THE AUDIT & RISK COMMITTEE
Reference
to Responsibilities Meeting Meeting Meeting
mandate 1 2 3
Corporate governance X
Evaluate terms of reference of the Audit & Risk Committee
9, 10
5 Report and distribute minutes to the Executive Board X X X
9 Regularly report to Executive Board on its statutory duties and make X X X
appropriate recommendations
9 Ensure that Executive Board is aware of matters which may significantly X X X
impact business
9, 10 Report to the Executive Board on whether the committee has fulfilled its X
responsibilities
9, 10 Statement on whether the committee complied with its legal, regulatory X
5 and other responsibilities X
Report on the activities and duties to the Annual General Meeting of
Members
Internal control
7 Consider the effectiveness of the internal control system X
7 Consider effectiveness of information technology security and control X
7 Evaluate whether management is setting an appropriate “control X X X
9 culture” X
Report to the Board any material weaknesses in internal financial
controls
Risk management X
Development, implementation and review of the risk management plan
8
8 Recommendations concerning the levels of risk tolerance, appetite and X
8 monitoring X X X
Ensure that compliance forms an integral part of risk management
process
8 Ensure that management consider and implement appropriate risk X X X
8 responses X X X
Ensure that risk management assessments are performed on a regular
basis
8 Ensure that frameworks and methodologies are implemented to X X X
anticipate unpredictable risks
8 Express an opinion regarding effectiveness of risk management process X
External auditors
6 Appointment of external auditors X
6 Considering the independence of the external auditors X
6 Approve engagement letter of external auditors X
4 Approval of external auditor client service plan X
Set scope of the work of external auditors
X
6
4, 6 Approval of audit fee X
6 Approve in advance permitted non-audit services rendered by the X
external auditors
6 Consider the findings and recommendations of the external auditors X
7 Gain an understanding of whether management has implemented X
4 recommendations of auditors X
Meet separately with the Independent External Auditor
6 Evaluate the effectiveness of the External Auditors X
Financial reporting X
4
Review the budget for recommendation to the Executive Board
7 Review adequacy of internal financial management reporting X X X
4, 9 Review the annual financial statements X
9 Recommend to the Executive Board the annual financial statements X
4
Meet separately with Management
X
4 Meet separately with Accountants (Agri SA) X

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