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Minutes – Board Audit Committee (AC) Meeting 28 February 2009

AC members present: Harald Alvestrand, Steve Crocker and Rita Rodin Johnston – chair

Staff Members Present: Doug Brent, Samantha Eisner, John Jeffrey, Amy Stathos, Kevin Wilson and Nami Yukawa

Invited guest present for first presentation: Melissa Harman of Moss Adams

The following is a summary of discussions, actions taken and actions identified:

  • Discussed and unanimously approved minutes of last meeting.
  • Received and discussed presentation from Moss Adams representative regarding upcoming audit cycle.
  • Discussed engagement of Moss Adams as auditors and discussed future rotation of auditors. Unanimously approved motion to recommend that Board direct CFO to engage Moss Adams to serve as auditors for FY 09; unanimously approved motion for staff to prepare proposal to seek auditors for next fiscal year. Action: Staff to prepare proposal to seek auditors for next fiscal year’s audit.
  • Discussed upcoming changes in scope of audit and the effects of those changes on the process. Action: Staff to pull costing and tax briefing materials together for May retreat or next AC meeting in Sydney, depending on availability.
  • Discussed items falling within committee’s responsibilities and need to coordinate with other Board committees. Action: Committee chair to contact heads of Risk and Board Finance Committees, with staff assistance, to ensure no overlap of scope of responsibilities.
  • Discussed work to continue to maintain and improve accounting controls at company.
  • Discussed status of company’s insurance policies.