2. 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

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

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

5. 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)

6. THANK YOU!