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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2022 17CORPORATE GOVERNANCE(Continued)%u2043 Review the annual financial statements, and consider whether they are complete, consistent with information known to Committee Members, and reflect appropriate accounting principles.%u2043 Review other sections of the annual report and related regulatory filings before release and consider the accuracy and completeness of the information.%u2043 Review with Management and the Internal and External Auditors all matters required to be communicated to the Committee under generally accepted auditing standards.%u2043 Understand how Management develops interim financial information, and the nature and extent of Internal and External Auditor involvement.%u2043 Review interim financial reports with Management and the Internal and External Auditors, before filing with Regulators, and consider whether they are complete and consistent with the information known to Committee members.Internal Controls and Business Risks%u2043 Consider the effectiveness of the Company%u2019s internal controls over annual and interim financial reporting, including information technology security and control.%u2043 Understand the scope of Internal and External Auditors%u2019 review of internal controls over financial reporting, and obtain reports on significant findings and recommendations, together with Management%u2019s responses.%u2043 Ensure there is due process for the identification and management of key business risks having particular regard to any significant failings or weaknesses in internal controls.Internal Audit%u2043 Review with Management and the Head of Group Internal Audit, the Charter, plans, activities, staffing and organizational structure of the Internal Audit function.%u2043 Review the reports of the Internal Audit function including the follow up work by Management where Management Teams are responsible and accountable for closing audit issues in a timely manner.%u2043 On a regular basis, meet separately with the Head of Group Internal Audit to discuss any matters that the Committee or Internal Audit believes should be discussed privately.%u2043 Ensure that the Head of Group Internal Audit within the Group has direct access to the Chairman of the Audit Committee.External Audit%u2043 Consider annually and discuss with the External Auditors of the Group the scope of their audit prior to its commencement and subsequently, the results, and review effectiveness of the process, taking into account relevant Professional and Regulatory requirements.%u2043 Review the External Auditor%u2019s Management Letter, any major recommendations and consider Management%u2019s response.%u2043 Review the Terms of Engagement of External Auditors and recommend them to the Parent Board.%u2043 Review and confirm the independence of the External Auditors by obtaining statements from the Auditors on relationships between the Auditors and the Company, including nonaudit services, and discussing the relationship with the Auditors.Compliance%u2043 Review the effectiveness of the system for monitoring compliance with laws and regulations and the results of Management%u2019s investigations and follow-up of any instances of non-compliance.%u2043 Review the findings of any examinations by Regulatory Agencies, and any Audit observations.%u2043 Obtain regular updates from Internal Audit and Group Legal Counsel regarding compliance matters.