The Company has adopted IFRS as the basis for financial control and preparing financial reports – the reporting currency is US$ to reflect the fact that most expenditure and all potential future income is so denominated.
Jeremy Asher, the Company’s CEO, has the responsibility for fulfilling those oversight duties normally carried out by a Finance Director. Financial issues are reviewed at least once per month at informal meetings of the UK-based directors. Graeme Thomson, as Chairman of the Audit Committee, and the Company Secretary maintain contact with the Auditors to ensure that adequate financial controls are being adhered to. The Auditors, according to IFRS requirements, have no involvement with the day-to-day financial management activities of the business. At present, the scale of the Company’s activities is small and the risk of financial mismanagement is presently low. The interim and annual accounts are prepared by an experienced and independent consultant.
The Audit Committee is chaired by Graeme Thomson. The committee meets at least twice per year. The committee’s Terms of Reference are based on the ICSA Guidance modified to reflect the limited number of independent non-executive directors.