BISICHI MINING PLC ANNUAL REPORT 2017

Governance
Audit committee report
The committee’s terms of
reference have been approved by
the board and follow published
guidelines, which are available
from the company secretary. The
audit committee comprises the
two non-executive directors,
Christopher Joll (chairman), an
experienced financial PR executive
and John Sibbald, a retired
chartered accountant.
The Audit Committee’s prime tasks are to:
• review the scope of external audit, to receive
regular reports from the auditor and to review
the half-yearly and annual accounts before
they are presented to the board, focusing in
particular on accounting policies and areas of
management judgment and estimation;
• monitor the controls which are in force to
ensure the integrity of the information
reported to the shareholders;
• assess key risks and to act as a forum for
discussion of risk issues and contribute to
the board’s review of the effectiveness of the
group’s risk management control and
processes;
• act as a forum for discussion of internal
control issues and contribute to the board’s
review of the effectiveness of the group’s
internal control and risk management
systems and processes;
• consider each year the need for an internal
audit function;
• advise the board on the appointment of
external auditors and rotation of the audit
partner every five years, and on their
remuneration for both audit and non-audit
work, and discuss the nature and scope of
their audit work;
• participate in the selection of a new external
audit partner and agree the appointment
when required;
• undertake a formal assessment of the
auditors’ independence each year which
includes:
~ a review of non-audit services provided to
the group and related fees;
~ discussion with the auditors of a written
report detailing all relationships with the
company and any other parties that could
affect independence or the perception of
independence;
~ a review of the auditors’ own procedures
for ensuring the independence of the audit
firm and partners and staff involved in the
audit, including the regular rotation of the
audit partner; and
~ obtaining written confirmation from the
auditors that, in their professional
judgement, they are independent.
Bisichi Mining PLC
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