Telus 2005 Annual Report Download - page 53

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page 52
The Chief Internal Auditor will report to the Committee, and the Committee will
consider such reports, on the results of the investigation of whistleblower, ethics
and internal controls complaints.
4.5 Accounting and Financial Management
The Committee will review:
a) with management and the external auditors, the Company’s major
accounting policies, including the impact of alternative accounting
policies and key management estimates and judgments that could
materially affect the financial results and whether they should be disclosed
in the MD&A;
b) emerging accounting issues and their potential impact on the Company’s
financial reporting;
c) significant judgments, assumptions and estimates made by management in
preparing financial statements;
d) the evaluation by either the internal or external auditors of management’s
internal control systems, and management’s responses to any identified
weaknesses;
e) the evaluation by management of the adequacy and effectiveness in the
design and operation of the Company’s disclosure controls and internal
controls for financial reporting;
f) audits designed to report on management’s representations on the
effectiveness and efficiency of selected projects, processes, programs or
departments;
g) management’s approach for safeguarding corporate assets and information
systems, the adequacy of staffing of key financial functions and their plans
for improvements; and
h) internal interim and post implementation reviews of major capital projects.
4.6 Credit Worthiness, Treasury Plans and Financial Policy
The Committee will review with management:
a) the Company’s financial policies and compliance with such policies;
b) the credit worthiness of the Company;
c) the liquidity of the Company; and
d) important treasury matters including financing plans.
4.7 Legal/Regulatory Matters and Ethics
The Committee will review:
a) with management, the external auditors and legal counsel, any litigation,
claim or other contingency, including any tax assessment, that could have