Audit Committee - terms of reference
The purpose of the Committee is to assist the Board of Directors in fulfilling its oversight responsibility relating to as a minimum:
- Monitor the financial reporting process
- Monitor whether NORDEN's internal control system, any internal audit and risk management systems function efficiently;
- Monitor the statutory audit of the annual report etc; and
- Monitor and check the auditor's independence, including especially delivery of additional services to NORDEN.
The Committee will give consideration to issues affecting companies in the NORDEN Group (including both wholly and majority owned subsidiaries).
At least one member of the Committee is independent and has qualifications within accounting and auditing as required by the Auditors Act. The Board of Directors will each year evaluate and record the fulfilments of the requirements for the independent and qualified member/members of the Committee.
Meetings will be held quarterly and otherwise on an “as needs” basis as determined by the Chairman. The Chairman is required to call a meeting of the Committee if requested to do so by members of the committee, by the CFO or by the external auditors.
Members of the Audit Committee
The responsibilities of the audit committee are undertaken by the Board of Directors in unison.