AUDIT & RISK SUBCOMMITTEE (A&R) TERMS OF REFERENCE

(i) To report on any anticipated exposure to financial and internal control risk that could materially affect the reputation and/or operation of Arc. 

(ii) To advise the Board on auditing, internal control and financial reporting matters. 

(iii) To report to Board on audit and compliance aspects of the annual financial statements. (iv) To advise the Chief Executive Officer on auditing, internal control and financial reporting matters and to review and advise on any matters raised by the Chief Executive Officer. 

(v) To review and advise on any matters raised by Board and the Finance Sub-Committee. 

(vi) Monitor and review the auditing, internal control policies and procedures and financial reporting of Arc. 

(vii) Review the financial statements of Arc with attention to compliance and the quality of Arc accounting, financial management, information reporting and internal controls. 

(viii) Review the engagement processes for External Auditors of Arc and liaise with the External Auditors in an adequate and timely manner. 

(ix) Monitor compliance with financial delegations and accounting standards, and relevant financial control risks of Arc. 

(x) To provide an opportunity for directors to develop appropriate financial, strategy formulation and monitoring skills. 

(xi) Engage with internal and external stakeholders where appropriate.