text: In order to ensure that truth 
  and fairness is reflected in the 
  preparation and publication of 
  the Company’s financial reports, 
  the Audit Committee reviews the 
  written statement of the CEO and 
  CFO to the Board that the 
  Consolidated Financial Report 
  presents a true and fair view, 
  in all material respects, of the 
  financial condition and 
  operational results of the Santos 
  Group and is in accordance with 
  Accounting Standards. This 
  Statement also confirms that: 
  
  It also provides that: 
  
  • the Board will not invite any 
  past or present lead audit 
  partner of the firm currently 
  engaged as the Company’s 
  external auditor to fill a 
  vacancy on the Board; 
  • Board Committees;  • the Consolidated Financial 
  
  Report is founded on a sound 
  system of risk management 
  and internal compliance and 
  control, which implements the 
  policies adopted by the Board; 
  and 
  
  • detailed and regular 
  • the lead audit partner will be 
  
  required to rotate off the audit 
  after a maximum of five years 
  and there will be a period of 
  at least three years before 
  that partner can again be 
  involved in the Company’s 
  audit; and  **8. RISK MANAGEMENT**
  An Enterprise Wide Risk 
  Management approach forms the 
  cornerstone of Risk Management 
  activities of the Company and is 
  based on the relevant Australian 
  Standard (AS/NZS 4360 : 2004). 