FINANCE & AUDIT COMMITTEE

Purpose

Determine financial strategies to facilitate the long-term sustainability of the SFA
Review and recommend annual budgets and four-year forecasts to the Board
Evaluate finance proposals and business cases (if any) prepared by Management and recommend them (or otherwise) to the Board for adoption
Monitor and address any concerns relating to financial performance against budgets, cash flow projections, debtors, foreign exchange requirements, exposure and management accounting
Review any significant accounting and reporting issues, including professional and regulatory announcements
Review the annual financial statements and liaise with the external Auditor before submission to the Board for approval
Review, for potential conflicts of interest situations, and pre-approve all related party transactions on an on-going basis
Recommend the appointment, terms of engagement, audit plan and the audit evaluation and/or dismissal of the external Auditor to the Board
Oversee the quality of the audit conducted and review external audit reports
Monitor the establishment and maintenance of corporate governance, risk and internal control frameworks
Monitor compliance with appropriate laws, regulations and relevant corporate governance frameworks
Oversee the SFA’s Risk Management Policy and Framework, including regular monitoring via a risk register
Review and recommend insurance coverage for the SFA