22.1.1 An annual audit will be conducted by one or more independent auditors to provide an opinion on the fairness of the financial statements position, and results of operation and its cash flow.
22.1.2 The audit committee oversees the internal audit activities and follows up with the external audit assignment.
22.1.3 The audit committee will institute measures to assure independence of the auditors,including:
Rotation The audit committee may choose to rotate the auditors periodically if circumstances arise questioning auditor independence (e.g., very long period of service, partners or former partners of the auditor employed by the corporation, significant non-audit services provided to the company) Non-audit services.
Payments to external auditors for non-audit services will be disclosed if any approved by the board, and minimized. Generally such services should not be provided by the external auditor and related parties.
The auditors should attend the board meetings when interim and annual financial statements are discussed or approve.
22.2 Other outside consultancy
22.2.1 The board has the ability to call on independent external consultants to provide advice on the subject that the board or committee would like to have independent opinion, their fee will be paid from the company budget.
22.2.2 The board should have access to analysis and advice by analysts, brokers, rating agencies and other advisors, free from the material conflicts of interest that might compromise the integrity of analysis or advice.
22.2.3 Special counsel retained to investigate wrongdoings potentially related to executives should report directly to the board and should be independent of the company and the executives.
