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| AUDIT COMMITTEE |
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The audit committee operates under an approved charter
to assist the Board to fulfil its corporate governance
supervision responsibilities relating to accurate financial
reporting and adequate financial systems and controls. It
does so by evaluating the findings of external audits,
actions taken and the appropriateness and adequacy of
the systems of internal financial and operational controls.
The committee reviews accounting policies and financial
information issued to stakeholders and recommends the
appointment of external auditors and their remuneration.
The chairman of the audit committee reports to the Board
on the committee's deliberations and decisions. The
external auditors have unrestricted access to the
committee. The independence of the external auditors is
regularly reviewed and all non-audit related services are
approved and reported upon. |
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| MEMBERSHIP |
MJ Shaw served as chairman of the committee and
IN Mkhize and AA Routledge as members during the year
under review, all of whom are independent non-executive
directors and financially literate.
The group chairman, group chief executive, group
financial director, group corporate services executive and
external auditors, all attend meetings by invitation.
The committee met twice during the year under review. |
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| TERMS OF REFERENCE |
| The committee's activities include: |
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monitoring the Group's accounting policies, disclosures
and making recommendations to the Board to ensure
compliance with International Financial Reporting
Standards |
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discussing and agreeing on the scope, nature and
priority of the audit |
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reviewing the external auditor’s reports |
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recommending and reviewing the annual responsibility
statement of directors. |
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reviewing the Group's annual financial statements and
the Group's results and making recommendations to the Board for publication in the interim and preliminary
reports and the annual report |
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| The committee's terms of reference were reviewed and
approved by the Board on 25 April 2007. |
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| AUDIT AND ADMINISTRATION |
Financial leadership within Murray & Roberts continues
to be strengthened with the appointment of a number of
senior financial executives.
Under the leadership of the group corporate services
executive, a group internal audit function has been
created to advance risk based internal audit throughout
the Group.
The audit committee chairman, group financial director
and lead external audit partner attend major contract
reviews at half year and full year end. Audit close out
meetings are held between external auditors and
operational management at year end. A detailed audit
summary memorandum is prepared for all operating
entities and a consolidated document presented to the
audit committee. |
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| Martin Shaw |
| Chairman |
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Governance