Page 161 - Sigmaroc Annual-Report 2023

Audit Committee Report
The Company has an established framework of internal control, the effectiveness of which is regularly reviewed by the Audit Committee in light of an ongoing assessment of significant risks facing the Company and the Group.
The Audit Committee assists the Board in discharging its duties regarding the financial statements, accounting policies and the maintenance of proper internal business, and operational and financial controls.
KEY ACTIVITIES CARRIED OUT IN 2023
During the year, the Audit Committee met formally three times and discussed the following:
• External audit tender process
• Audit planning
• Auditor’s fees and independence
• Auditor’s effectiveness
• Interim report and annual report
• Internal audit
• Internal controls and risk management
• Taxation
• Going concern and viability statement
• Significant accounting matters
• Plans for transition to new accounting standards
• Whistleblowing
• The Audit Committee’s terms of reference
MEETING ATTENDANCE
The Committee is made up of Independent Non-Executive Directors and shall meet not less than twice in each financial year.
Simon Chisholm 3 Jacques Emsens 3
COMMITTEE DUTIES
The Audit Committee carries out the duties below for the Company, major subsidiary undertakings and the Group as a whole, as appropriate:
• Monitor integrity of the financial statements and financial performance;
• Review financial statements, significant financial returns to regulators and any financial information of a sensitive nature;
• Review and challenge internal financial controls and risk management systems including the review of matters of a non-financial nature;
• Review and challenge accounting policies, accounting methods and adherence to accounting standards;
• Review and make recommendations with regards to the external auditor, including appointment, independence, objectivity, effectiveness, performance and remuneration;
• Consult with the external auditor on the scope of their work and review all major points arising from the audit;
• Ensure fully functional whistleblowing policy.
CHAIR STATEMENT
The Audit Committee was chaired by myself and comprises of Jacques Emsens as the other member. The Committee has relevant financial experience at a senior level as set out in their biographies. The Audit Committee met three times formally in 2023 and also held informal discussions with the external auditor as appropriate. The principal activities of the Audit Committee in respect of the year ended 31 December 2023, and the manner in which it discharged its responsibilities, were as follows:
FINANCIAL STATEMENTS
The Audit Committee reviewed and agreed the external auditor’s strategy and approach in advance of their audit for the year ended 31 December 2023, and reviewed reports on the outcome of the audit. The Audit Committee also reviewed the 2023 preliminary results announcement, the Annual Report, the 2023 interim results announcement and the 2023 interim report.
SIGNIFICANT ACCOUNTING MATTERS
During the year, the Audit Committee considered key accounting issues, judgements and disclosures in relation to the Financial Statements. The most significant of these was the risk of the value of inventory, the carrying value of investments and the value of goodwill at a Group level. The Audit Committee also received communications from management and the external auditor on a number of other accounting matters, including the valuation of mineral reserves and resources, revenue recognition and restoration provisions.
Director
Meetings attended
Eligible to attend
161
3
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