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AUDIT & RISK MANAGEMENT POLICY

1. Policy Statement

Peter Hewitt Care for Africa Foundation Inc (CfA) wishes to ensure that it has appropriate policies governing audit and risk to assist CfA to fulfil its corporate governance responsibilities with respect to financial reporting, audit and risk management including compliance with legal and regulatory obligations, the integrity of its financial reporting, and the effectiveness of CfA’s management of risk and internal controls.

2. Purpose and Scope

2.1 Purpose

The purpose of this policy is to guide CfA in ensuring that it addresses its corporate governance responsibilities and that it understands and addresses risk management and provides a framework for assessment and management of risk.

2.2 Scope

This policy applies to CfA staff, officer bearers and volunteers.

3. Guiding Principles

    1. CfA will establish a committee to provide strategic risk management leadership, oversight and analysis to the board of CfA.  
    2. The committee will consist of at least three members one of whom will have expertise in corporate governance or legal qualifications.  
    3. One member of the committee must have familiarity with financial management and have financial expertise.
    4. The committee should meet at least twice a year but otherwise may meet as required including conducting its business by electronic means.
    5. The committee will have authority to make recommendations to the board, conduct and direct any investigation, obtain information necessary for the performance of its duties and to meet with the auditors.
    6. The committee will be responsible for review and monitoring of financial reporting, auditing and risk management strategies, systems policies and processes implemented by CfA.
    7. The committee will review and assess the adequacy of CfA’s risk management systems.
    8. The committee will assess the adequacy and effectiveness of CfA’s control systems for the mitigation of significant business risks.

4. Further information?

If you require further information, contact the CEO, Diana Butler.

CFA-P2.V1 Audit & Risk Management Policy – Effective Date: 26 April 2020 Document
Approved By: Board of Management. Controlled Document — Printed Versions are not controlled.