City Care Performance report 2006 Page 57
8
Audit committee
The audit committee consists of Trevor Thornton (Chairman) and all non-executive members of the
board. The Chief Executive Officer and the Chief Financial Officer also attend meetings.
The main responsibilities of the audit committee are as follows:
· Liaison with the external auditors,
· Review of interim and annual financial statements,
· Review of audit findings,
· Oversight of compliance with statutory responsibilities,
· Monitoring of corporate risk and the internal controls instituted,
· Review the terms of engagement, remuneration and the scope and quality of the work
undertaken by the external auditors.
The audit committee was constituted in February 2006 and met four times during the year and once
with the external auditors.
Board performance review
The board formally reviews its performance, and the performance and contribution of individual
directors on an annual basis, taking into account the current and future needs of the company,
and performance improvement processes are implemented as required. The annual review also
provides information to the shareholder on the mix of skills needed to assist with the identification
of new directors.
