The Audit Committee of the Board comprises four Independent Non-Executive Directors, one Non-Independent Non-Executive Director and one Executive Director.

The Audit Committee met six times during the financial year ended 30 June 2006. The activities carried out by the Audit Committee during this period are set out in the said Report of the Audit Committee.



In presenting the quarterly and annual financial statements to Shareholders and investors, the Board aims to present a clear, balanced and understandable assessment of the Group’s position and prospects. This also applies to other price-sensitive reports and reports to regulators. 



The Board acknowledges its responsibilities for the Group’s systems of internal control covering not only financial controls but also operational and compliance controls as well as risk management. The internal control system involves each business and key management from each business, including the Board, and is designed to meet the Group’s particular needs and to manage the risks to which it is exposed. The systems can therefore only provide reasonable, and not absolute, assurance against material misstatement or loss.

The Group’s internal audit provides independent and objective reports on the Group’s management, records, accounting policies and controls to the Audit Committee. The internal audits include evaluation of the processes by which risks are identified, assessed and managed and ensure that controls which are instituted are appropriate and can effectively address acceptable risk exposures. The Group’s internal audit also ensures that recommendations to improve controls are followed through by Management.