Company’s accounts, its external financial 
reporting, its internal control structure, risk 
management systems and audit function. The 
primary functions of the Audit Committee are to:
〉〉 review the financial information provided by 
the Board to shareholders and other parties 
ensuring that it is true and fair and complies 
with relevant accounting standards;
〉〉 ensure that corporate risk management 
policies and internal controls are in place and 
are maintained in accordance with appro-
priate standards and statutory 
requirements;
〉〉 oversee and evaluate the quality of the 
audits conducted by the external auditors;
〉〉 provide for open communication between 
the external auditors and the Board for the 
exchange of views and information; and
〉〉 recommend to the Board the nomination and 
remuneration of the external auditors and 
ensure their independence and integrity.
In fulfilling its responsibilities, the Audit 
Committee has rights of access to management 
and to auditors (external and internal) without 
management present and may seek explanations 
and additional information.
The Audit Committee met twice during the 2013 
financial year.
The Audit Committee operates in accordance 
with a charter published in the ‘Corporate 
Governance’ section of the Company’s website.
Auditor Independence  
and Engagement
The charter adopted by the Audit Committee 
confirms its role in assisting the Board in respect 
of the appointment, compensation, retention 
and oversight of the Company’s external audi-
tors. The external auditors are required to 
confirm that they have maintained their inde-
pendence in accordance with the Corporations 
Ac t 2001 (Cth) and the rules of professional 
accounting bodies.
The performance of the external auditor is 
reviewed annually and applications for tender of 
external audit services are requested when 
deemed appropriate, taking into consideration 
assessment of performance, existing value and 
tender costs.
An analysis of fees paid to the external auditors, 
including a breakdown of fees for non-audit 
services, is provided in the Directors’ Report. It is 
the policy of the external auditors to provide an 
annual declaration of their independence to the 
Audit Committee.
Corporate Governance Statement
Corporate Governance Statement
continued
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