Integrity of Financial Reporting

The Company does not presently have an internal audit function. This is mitigated by the Board implementing the matters set out below under Risk Identification and management, through the Audit and Risk Committee and having a primary responsibility to ensure that:

  • The Company presents and publishes accounts, which present a true and fair view of its results and financial position
  • The accounting methods adopted are appropriate to the Company and consistently applied in accordance with relevant accounting standards and the applicable laws
  • The appointment and performance of the external auditor is appropriately monitored to ensure independence and the serving of the interests of shareholders

This requirement is addressed by:

  • The requirement that the Chief Executive Officer and the Chief Financial Officer each provide a written statement that the Company’s financial reports for each half year and full year present “a true and fair view, in all material respects, of the Company’s financial condition and operational results and that they are in accordance with the relevant accounting standards and formed on the basis of a sound system of risk management and internal control which is operating effectively.”
  • The activities of the Audit and Risk Committee acting in accordance with its Charter

In addition, management regularly reports to the Board on the effectiveness of the company’s management of its material business risks.