Twenty-First Century Fox 2004 Annual Report Download - page 48

•To review and monitor, at least annually, the plans and activities of the corporate audit department;
• To review a summary of findings from completed corporate audits and a progress report on the current year’s corporate
audit plan;
• To review and discuss with the independent accountants and with management the results of the annual audit of the
Group’s consolidated financial statements;
• To review and discuss with the independent accountants any audit problems or difficulties encountered during the
course of the audit, and management’s response thereto;
• To recommend to the Board of Directors whether the Group’s consolidated financial statements be accepted for
inclusion in the Group’s annual reports filed with the ASX, Australian Securities and Investment Commission (ASIC)
and in the Group’s Annual Report on Form 20-F filed with the SEC;
• To review and discuss with management and the independent accountants the Group’s half-year financial statements
and any items required to be communicated to the Committee by the independent accountants in accordance with
existing auditing standards;
• In consultation with management, the independent accountants, and the director of the corporate audit department, to
review the integrity of the Group’s financial reporting processes, internal controls and disclosure controls and
procedures;
• To review with management, the corporate auditors and the independent accountants, in separate meetings, if the
Audit Committee deems it appropriate, significant financial reporting issues and judgments made in connection with
the preparation of the financial statements as well as the quality and acceptability of the Group’s accounting policies;
• Discuss, in conjunction with management, the Group’s earnings releases as well as financial information and earnings
guidance provided publicly;
• To review, with the Group’s counsel and management, any legal or regulatory matter that could have a significant
impact on the Group’s financial statements;
• To review the Group’s policies and practices with respect to risk assessment and risk management;
• To establish procedures for:
• The receipt, retention and treatment of complaints received by the Group regarding accounting, internal
accounting controls or auditing matters; and
• The confidential, anonymous submission by employees of the Group of concerns regarding questionable accounting
or auditing matters;
• To consider and approve, if appropriate, major changes to the Group’s auditing and accounting principles and practices
as suggested by the independent accountants, management, or the corporate audit department;
• To review with the independent accountants, the corporate audit department and management the extent to which
changes or improvements in financial or accounting practices, as approved by the Audit Committee, have been
implemented;
• To report to the Board of Directors on a regular basis, including a review of any issues that arise with respect to the
quality or integrity of the Group’s financial statements, the Group’s legal and regulatory requirements, the
qualifications, independence and performance of the Group’s independent accountants and the performance of the
corporate audit function;
• To evaluate, at least annually, its own performance and report to the Board of Directors on such evaluation and review
and assess the adequacy of the Audit Committee Charter periodically or as conditions dictate; and
• To prepare a report of the Audit Committee to be included in the Group’s Annual Report and other filings as required by
the applicable regulatory rules, and review any reports that may be required to be filed with the NYSE or other
regulatory agencies with respect to the Audit Committee.
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NEWS CORPORATION CONCISE REPORT 2004
Statement of Corporate Governance
(continued)
for the year ended 30 June, 2004