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Principle 8: Delegation should promote independent judgement, and assist…
Principle 8: Delegation should promote independent judgement, and assist with balance of power and the effective discharge of its duties.
Audit Committee
The audit committee should oversee the management of financial and other risks that affect the integrity of external reports issued by the organisation.
The members of the audit committee should, as a whole, have the necessary financial literacy, skills and experience to execute their duties effectively.
When the GB delegates risk governance to the audit committee, the audit committee should satisfy itself that it dedicates sufficient time to this responsibility.
All members of the audit committee should be independent, non-executive members of the GB.
The audit committee will provide oversight of:
the effectiveness of the organisation’s assurance functions and services;
the integrity of the annual financial statements.
The GB should appoint an independent, non-executive member to chair the audit committee.
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The audit committee should meet annually with the internal and external auditors respectively, without management being present.
Audit Committee
A statement should be disclosed as to whether the audit committee is satisfied that the external auditor is independent of the organisation.
The following should also be disclosed:
Provision of non-audit services;
The rotation of the designated external audit partner;
Significant changes in the management of the organisation;
Significant matters that the audit committee has considered in relation to the annual financial statements;
The views on the quality of the external audit;
The views on the effectiveness of the chief audit executive and the arrangements for internal audit;
The effectiveness of the design and implementation of internal financial controls;
The effectiveness of the CFO and the finance function;
The arrangements in place for combined assurance.
Nomination Committee
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The process for nominating, electing and appointing members of the GB.
All members of the committee for nominations should be non-executive members of the GB, and the majority should be independent.
Risk committee
If the audit and risk committees are separate, the GB should consider for one or more members to have joint membership of both committees for more effective functioning.
The committee for risk governance should have executive and non-executive members, with a majority being non-executive members of the GB.
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Remuneration committee
All members of the committee for remuneration should be non-executive members, with the majority being independent non-executive members.
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