governance - woolworths holdings limited

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Share dealing committee The share dealing committee approves all share dealing by directors and senior management. The committee is made up of a non-executive director, the chief executive officer and the company secretary. Restricted period The group operates a restricted period prior to the publication of its interim results and annual results. During the restricted period, the directors and officers may not deal in the shares of the group. Additional restricted periods are enforced as necessary. accountability Internal control The directors acknowledge their ultimate responsibility for the internal, financial and operating controls and the monitoring of their effectiveness.These systems are designed to provide reasonable, but not absolute assurance, against material misstatement and loss. Ethical behaviour, compliance with legislation and sound accounting practices, underpin the internal control process. Senior executive management is responsible for the design, maintenance and on-going appropriateness of the various control measures. Even effective systems of internal, financial and operating controls, no matter how well designed, have inherent limitations, including the possibility of circumventing or overriding such controls. Effective systems of internal, financial and operating controls, therefore, aim to provide reasonable assurance of the reliability of financial information and, in particular, the preparation of financial statements. The group maintains internal, financial and operating controls that are designed to provide reasonable assurance regarding; • the safeguarding of assets against unauthorised use or disposition; • compliance with statutory laws and regulations; and w oolwor t hs 51 annual report corporate <strong>governance</strong>
• the maintenance of proper accounting records and the adequacy and reliability of financial information. The external and internal audit functions assist in providing the board and senior executive management with monitoring mechanisms for identifying risks and assessing controls appropriate to managing such risks. The board of directors has not been made aware by senior executive management or internal audit that the systems are not appropriately designed to provide reasonable assurance that the assets are safeguarded against material loss or unauthorised use and that transactions are properly authorised and recorded. A risk based review and testing to ensure that the group maintained adequate accounting records and effective systems of internal controls was carried out internally. Appropriate accounting policies, supported by sound and prudent managerial judgements and estimates, have been consistently applied. Internal audit Internal audit provides independent, objective assurance and consulting services designed to add value and improve the operations of the group. It assists the board to accomplish its objectives, by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of internal control. Internal audit has a board-approved charter in line with the Standards for the Professional Practice of Internal Auditing of The Institute of Internal Auditors. The head of internal audit reports to the audit committee and is responsible for preparing an internal audit coverage plan based on the major risks. Internal audit also works in conjunction with the external auditors to ensure optimal coverage. External audit The external auditors are engaged to express an opinion on the financial statements. They review and test the systems of internal financial control and the information contained in the financial statements to the extent necessary to express their audit opinion. Risk management Risk management encompasses the ongoing identification, assessment and monitoring of all forms of risk. Woolworths has a risk management committee which meets regularly to assess and evaluate the effectiveness of current policies and procedures and to adapt these in line with risks associated with the w oolwor t hs 52 annual report
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governance - woolworths holdings limited

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