Audit committee
The Audit committee oversees the structure and management systems that ensure the integrity of the company's financial reporting.
Chair
Members
Roland Williams, Kevin McCann, Bruce Beeren
Charter
The Audit committee charter (108 KB) outlines the Committee's responsibilities, composition, frequency of meetings, authority and the charter review process.
External audit
The Board regards the role of the external auditor as a key protection of shareholders’ interests and believes that the auditor’s independence is vital in ensuring that the company’s reports are true and fair and meet the highest standards of financial integrity.
The company has adopted a policy to monitor and maintain the independence of the external auditor and which governs the relationship between the auditor and the Board and management. Key elements of this policy are as follows:
Selection and appointment of external auditors
The selection of an external auditor will be based on an assessment of
submissions from potential auditors, taking into account factors such
as audit strategy and methodology, approach to managing independence and
conflict of interest issues, relevant experience and calibre of the audit
team and proposed fees.
At the conclusion of this assessment, the Board will be provided with the Audit committee's recommendation, accompanied by details of the selection process and the rationale for the recommendation. If satisfied, the Board will then select the auditor subject to formal appointment by shareholders at the Annual General Meeting.
Rotation of external audit engagement and review partners
Origin Energy requires its external audit engagement and review partners
rotate at least every five years, with a minimum of two years before any
individual is again involved with the audit. In accordance with the transitional
provisions of CLERP 9, the rotation is to take effect for audits commencing
on or after 1 July 2006.
The independence of the auditor is reviewed and affirmed annually by the Audit committee and reported to the Board.
