finance and accounting, requisite
professional certification in
accounting or other comparable
experience or background. 
The Chairman of the Board is
precluded from being the
Chairman of the Audit
Committee.
The current members of the
Audit Committee, all of whom
are independent non-executive
Directors, are: Mr G W McGregor
(Chairman), Professor J Sloan
and Mr R M Harding. The external
auditors, CEO, Chief Financial
Officer (“CFO”), Manager Risk and
Audit, and Manager – Financial
Planning and Analysis attend
Committee meetings by
invitation. There were 4
meetings held in 2004.
6.2 Role of the Audit
Committee
The primary objective of the
Audit Committee is to assist 
the Board to fulfil its corporate
governance and oversight
responsibilities related to
financial accounting practices,
external financial reporting,
financial reporting, risk
management and internal
control, and the internal and
external audit function.
Specifically, the role of the 
Audit Committee includes: 
• examining the accounting
policies of the Company to
determine whether they are
appropriate and in accordance
with generally accepted
practices; 
• ensuring that truth and
fairness is reflected in the
preparation and publication 
of the Company’s financial
reports; 
• meeting regularly with the
internal and external auditors
to reinforce their respective
independence and to
determine the appropriateness
of internal and external audit
procedures; 
• reviewing the performance 
of the internal and external
auditors and providing them
with confidential access to 
the Board;
• receiving from the external
auditors a formal written
statement delineating all
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