Principle 4: Safeguard Integrity in Financial Reporting
"Have a structure to independently verify and safeguard the integrity of the company's financial reporting"
Recommendation 4.1: Require the chief executive officer (or equivalent) and the chief financial officer (or equivalent) to state in writing to the board that the company's financial reports present a true and fair view, in all material respects, of the company's financial condition and operational results and are in accordance with relevant accounting standards.
The Company's chief executive officer/chief operating officer//chief financial officer report in writing to the Board that the Company's financial statements for each half and full year present a true and fair view in all material respects, of the Company's financial condition and operational results and are in accordance with accounting standards.
Recommendation 4.2: The board should establish an audit committee.
The Board has not established an audit committee as, due to the Company's size and its operations, the Board considers an audit committee's functions and responsibilities can be adequately and efficiently discharged by the Board as a whole, operating in accordance with the Company's codes of conduct and other mechanisms designed to ensure independent judgment in decision making, as set out in relation to best practice recommendation 2.
Recommendation 4.3: Structure the audit committee so that it consists of:
- only non-executive directors
- a majority of independent directors
- an independent chairperson, who is not chairperson of the board
- at least three members.
As the Board as a whole fulfils the functions and responsibilities of an audit committee, the structure of the audit committee is not met.
Recommendation 4.4: The audit committee should have a formal charter.
Although there is no separate audit committee and hence no formal charter, in fulfilling the functions and responsibilities of an audit committee, the Board considers and deals with matters which would ordinarily be attended to by an audit committee, including:
- to recommend engagement and monitor performance of the external auditor;
- to review the effectiveness of management information and internal control;
- to review all areas of significant financial risk and risk management;
- to review significant transactions not a normal part of the Company’s business;
- to review financial information and ASX reporting statements; and
- to monitor internal controls and accounting compliance.
Recommendation 4.5: Provide the information indicated in the ASX Corporate Governance Council's Guide to Reporting on Principle 4.
As the Board as a whole fulfils the functions and responsibilities of an audit committee, the names and qualifications of each of the members of the Board, and details of attendance at Board meetings, are set out in the Company's annual report.
The Board has not formalised any procedures for the selection and appointment of the Company's external auditor or rotation of external audit engagement partners, but reviews these matters on an ongoing basis and implements changes as required.
The Board has so far as it is applicable provided relevant information in this statement.
Australian Mines has achieved its best quarterly production result since the June 2005 quarter at the 100%-owned Blair Mine, located 32 kms from Kalgoorlie in W.A.
Australian Mines continues to intersect significant mineralisation in its 2008 resource drilling at Blair Deeps at the Blair Mine, located 32km from Kalgoorlie WA.
Australian Mines (ASX:AUZ) has recommenced 2008 resource definition drilling at Blair Deeps with drilling initially targeting the high grade E03C shoot below current workings at the Blair Nickel Mine located 32kms from Kalgoorlie.
Australian Mines is forecasting a continuation of improving production at its 100%-owned and operated Blair Nickel Mine following good progress with the development of the Blair Deeps orebody.
Australian Mines (ASX:AUZ) is pleased to announce a 25% increase in resources at its 100% owned Marriott's nickel project, following the completion of Phase 1 infill diamond drilling
Australian Mines Limited (ASX: AUZ) is pleased to announce another impressive high grade intercept from resource definition diamond drilling at the Marriott's nickel project, which is 65 km from Leinster in W.A.