The committee provides oversight on the effectiveness of the Group’s operational and financial reporting systems and accuracy of information, and that the Group’s published Financial Statements represent a true and fair reflection. The specific terms of reference include:
Reviewing and appraising the soundness of risk management, internal controls, and the reliability and integrity of financial, managerial, and operating data;
Ascertaining compliance with the ZCCM-IH Group policies and procedures;
Evaluating asset safeguards and accountability;
Evaluating the economy and efficiency with which resources are employed;
Reviewing operations or programs to assess whether they are being carried out as planned and whether results are consistent with established objectives and;
Providing advice to management regarding the adequacy and effectiveness of controls regarding major decisions.