Summary of Audit & Risk Committee
Biota's Audit and Risk Committee reviews Company processes such as financial reporting, internal control systems, financial risk management, audits, the overall risk management program, compliance with laws and regulations and the Company's Code of Conduct. The Committee reviews the Company's annual accounts and interim reports prior to their submission for approval by the Biota Board.
The Committee currently consists of two members, which are non-executive directors. The CEO, CFO and external auditors also attend Committee meetings by invitation. Each member must have the appropriate financial and / or commercial skills, as well as have a reasonable knowledge of the Company's risks and controls. All members should be independent of management and the Chairman of the Committee is nominated by the Board.
The Committee regularly updates the Board about its activities and ensures the Board is aware of matters which may significantly impact the financial condition or affairs of the business.