Principle 4: Safeguard integrity in financial reporting

The integrity of the Company’s financial reporting is a critical aspect of Nkwe’s corporate governance and structures have been implemented during the reporting period to verify and safeguard the integrity of the Company’s financial reporting.

It is the policy of the Board that the Company’s financial statements be reviewed or audited, at a minimum, each half year. The financial statements are reviewed by the audit committee which was established prior to the commencement of the reporting period and operates under formal terms of reference which is placed on the website. Given the size and composition of the Board, the audit committee comprises of only two members (Mr Mews and Mr Crossley) who are non-executive Directors who fulfil the independence criteria outlined in the guidelines.

Mr Mews, Chairman of the audit committee, is a Chartered Accountant with significant experience in financial, taxation and accounting matters. The details of the member's qualifications and details of the meetings held are set out in the Company's Annual Report.

The Board has requested that the Managing Director and Company Accountant state in writing that the financial statements present a true and fair view, in all material respects, of the Company’s financial condition and operational results and are prepared in accordance with International Financial Reporting Standards.

A copy of the Audit Committee Charter can be accessed on the link below.

Audit Committee Charter (51.63 Kb pdf)