Investor Presentaiton
A-4
30
(h)
(i)
Review
(i)
(ii)
and approve, or delegate to a member of the Audit Committee the responsibility to review and
approve and subsequently report to the Audit Committee, the nature of all non-audit services, as
permitted by securities legislation and regulations, to be provided by the Corporations' external
auditor prior to the commencement of such work. In this regard the Audit Committee will prepare
a report for presentation to the shareholders of the Corporation quarterly or annually, as required,
regarding the Audit Committee's approval of such non-audit services in the period;
and implement from time to time a process in connection with non-audit services performed by the
external auditor.
Review a report from the external auditor of all relationships between the external auditor and its related
entities and the Corporation and its related entities, including all work performed and fees paid for such
work of a non-audit nature, that in the external auditor's professional judgment may reasonably be
perceived to bear on its objectivity and independence and confirming, or otherwise, that in the external
auditor's professional judgment it is independent of the Corporation and discuss this report with the external
auditor in order to evaluate the objectivity and independence of the external auditor. The Audit Committee
should specifically require the external auditor to confirm that it is a registered public accounting firm as
prescribed by various applicable securities regulations. As well, at least once a year the Audit Committee
will carry out a review of the credentials of the members of the firm including without limitation the
biographies of the members, whether there has been any enforcement actions, issues related to the firm and
law suits, if any. A formal written report will be obtained from the external auditor outlining: the auditing
firm's internal quality control procedures; any material issues raised within the preceding five years by the
auditing firm's internal quality control review, peer reviews or any other inquiry or investigation by
governmental or professional authority relating to any audit conducted by the firm. The Committee will
also review steps taken by the auditing firm to address any findings in any of the forgoing reviews.
Receive reports on any consultations between management and other public accountants respecting
accounting principles to be applied in preparing the quarterly or annual financial statements, and on any
incidents involving fraud or illegal acts of which management, the internal audit department or the external
auditor become aware. In this regard, review the relevant control procedures with management to ensure
that such matters are adequately guarded against.
(j)
At least once each year:
(i)
Meet privately with management to assess the performance of the external auditor.
(ii)
(k)
Meet privately with the external auditor, amongst other things, to understand any restrictions
placed on them or other difficulties encountered in the course of the audit, including instructions
on the scope of their work and access to requested information and the level of co-operation
received from management during the performance of their work and their evaluation of the
Corporation's financial, accounting and audit personnel and systems.
Evaluate the performance of the external auditor, and if so determined, recommend that the Board either
take steps to replace the external auditor or provide for the reappointment of the external auditor by the
shareholders.
Regarding the services provided by the internal audit department, the Audit Committee will:
meet privately with internal audit, amongst other things, to understand any restrictions placed on
them or other difficulties encountered in the course of their audits, including instructions on the
scope of their work and access to requested information and the level of co-operation received
from management during the performance of their work;
(1)
(i)View entire presentation