Twenty-First Century Fox 2003 Annual Report Download - page 43

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41The News Corporation Limited
Statement of Corporate Governance (continued)
FOR THE YEAR ENDED 30 JUNE, 2003
3. Evaluate the independent accountant’s qualifications, performance and independence, and present its conclusions and
recommendations with respect to the independent accountants to the Board of Directors on at least an annual basis. The
independent accountants are ultimately accountable to the Board of Directors and the Audit Committee. As part of such
evaluation, at least annually, the Audit Committee shall:
•Obtain and review a report or reports from the Group’s independent accountants describing:
i. The independent accountants’ internal quality-control procedures;
ii. Any material issues raised by (a) the most recent internal quality-control review or peer review of the auditing firm, or (b)
any inquiry or investigation by governmental or professional authorities, within the preceding five years, regarding one or
more independent audits carried out by the independent accountants; and any steps taken to deal with any such issues; and
iii. All relationships between the independent accountants and the Group.
•Review and evaluate the lead partner (and senior members) of the independent accountants;
•In addition to assuring the regular rotation of the lead audit partner as required by law, consider whether the independent
accountants should be rotated, so as to assure continuing auditor independence; and
•Obtain the opinions of management and the corporate auditors of the independent accountants’ performance.
4. Meet with, discuss and review, prior to the annual audit, the scope of the audit to be performed by the independent public
accountants.
Corporate Audit
1. Review and monitor, at least annually, the plans and activities of the corporate audit department, including:
•Approving the charter of the corporate audit function;
•Reviewing annual corporate audit plans and results of activities;
•Reviewing the organisational structure, corporate audit budget, staffing levels and related qualifications of the corporate
audit department; and
•Evaluate how effectively the corporate audit department discharges its responsibilities.
2. Review a summary of findings from completed corporate audits and a progress report on the current year’s corporate audit plan.
When and as deemed necessary, review the individual corporate audit reports to management prepared by the corporate audit
department and management’s response.
Financial Statements; Disclosure and Other Risk Management and Compliance Matters
1. Review and discuss with the independent accountants and with management the results of the annual audit of the Group’s
consolidated financial statements including (i) the Group’s disclosures under “Operating and Financial Review and Prospects” to
be included in its Form 20-F to be filed with the SEC and (ii) any appropriate matters regarding accounting principles, practices
and judgments and the independent accountants’ opinion as to the quality thereof and any items required to be communicated
to the Committee by the independent accountants in accordance with standards established and amended from time to time by
the respective Australian and US auditing standard boards prior to its filing with both the Australian Stock Exchange (the “ASX”)
and the SEC (on Form 6-K) or prior to the release of earnings. The Chairman of the Committee may represent the entire
Committee for purposes of these discussions.