Twenty-First Century Fox 2002 Annual Report Download - page 43

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Internal Controls and Risk Management
An internal audit function operates under a Charter which defines the purpose, authority and responsibility of the Internal Audit
Group. The Internal Audit Group’s mission is to provide an independent assessment of risk and the effectiveness of the Company’s
worldwide operational, administrative and financial internal control environment.
The areas of emphasis for the conduct of the assessment include the:
• adequacy, appropriateness and effectiveness of accounting and operating controls;
• extent of compliance with Company policies and procedures;
• accuracy of and security over data and information;
• accountability for the Company’s assets to safeguard against loss;
• adequacy of reviews made by the operating companies to ensure an effective internal control environment is fostered; and
• economy and efficiency with which resources are employed.
The results of each audit and agreed-upon management action plan are reported on a timely basis to the management responsible
for implementing changes.
The Internal Audit Group reports to the Company’s Audit Committee and meets with them at least twice a year to review the annual
Internal Audit Plan and the results of its activities.
The activities of the Internal Audit Group are separate and distinct from the external auditors. However, active coordination between
the two groups is recognised as essential in order to maximise the Company’s return on investment for audit services.
Ethical Standards
At a Board meeting on 27 February, 1996, the Board adopted “Standards of Business Conduct”. The Standards confirm the
Company’s policy to conduct its affairs in compliance with all applicable laws and regulations and observe the highest standards of
business ethics. The Company intends that the spirit, as well as the letter of those standards is followed by all Directors, officers and
employees of the Company, its subsidiaries and divisions. This is communicated to each new Director, officer and employee and has
already been communicated to those in positions at the time the Standards were adopted.
42
Statement of Corporate Governance (Continued)
FOR THE YEAR ENDED 30 JUNE, 2002
THE NEWS CORPORATION LIMITED
Annual Report 2002