BOARD AUDIT AND RISK COMMITTEE The CEF BARC Membership 2 independent members including Chairperson Management attend by invitation Internal audit and AGSA (Unlimited access) Board Chairperson (ex-officio) Committee Charter Committee meetings Minimum 4 times

BOARD AUDIT AND RISK COMM (cont) Combined Assurance Model 1st Internal Controls 2nd Risk Management Process 3rd Internal and External Audit

BOARD AUDIT AND RISK COMM (cont) Continuous Monitoring Risk Workshop Internal Audit Plan BARC Work Plan Management Reports Audit Reports BARC Reports

BOARD AUDIT AND RISK COMM (cont) Observations on AGSA Findings Key contributors include: Adjustments post 31 May 2012 deadline Disclosure and interpretations Control deficiencies AFS adjusted to reflect accurate picture Findings log and implementation plan Follow up by Internal Audit (Quarterly)

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