Audit, risk and internal control

Question 1

Principle M

Answer 1

The board should establish formal and transparent policies and procedures to ensure the independence and effectiveness of internal and external functions and satisfy itself on the integrity of fin and narrative statements

Question 2

Principle N

Answer 2

The Board should present a fair balanced and understandable assessment of the company’s position and prospects

Question 3

Principle O

Answer 3

The board should establish procedures to mange risk, oversee the internal control framework and determine the nature and extent of the principal risks the co is willing to take in order to achieve its long-term strategic objectives.