IREIT Global
annual report 2014
Corporate
Governance Report
• reviewing external audit reports to ensure that
where deficiencies in internal controls have been
identified, appropriate and prompt remedial
action is taken by management;
• reviewing arrangements by which staff and
external parties may, in confidence, raise
probable improprieties in matters of financial
reporting or other matters, with the objective that
arrangements are in place for the independent
investigation of such matters and for appropriate
follow up action;
• reviewing internal audit reports at least twice
a year to ascertain that the guidelines and
procedures established to monitor Related Party
Transactions have been complied with;
• ensuring that the internal audit and accounting
function is adequately resourced and has
appropriate standing with IREIT;
• reviewing, on an annual basis, the adequacy and
effectiveness of the internal audit function;
• the appointment, re-appointment or removal of
internal auditors (including the review of their
fees and scope of work);
• monitoring the procedures in place to ensure
compliance with applicable legislation, including
the Listing Manual and the Property Funds
Appendix;
• reviewing the appointment, re-appointment or
removal of external auditors;
• reviewing the nature and extent of non-audit
services performed by external auditors;
• reviewing, on an annual basis, the independence
and objectivity of the external auditors;
• meeting with external and internal auditors,
without the presence of management, at least on
an annual basis;
• reviewing the system of internal controls
including financial, operational, compliance
and information technology controls and risk
management processes;
• reviewing the financial statements and the
internal audit report;
• reviewing and providing their views on
all hedging policies and instruments to be
implemented by IREIT to the Board;
• reviewing and approving the procedures for
the entry into of any foreign exchange hedging
transactions and monitoring the implementation
of such policy, including reviewing the
instruments, processes and practices in
accordance with the policy for entering into
foreign exchange hedging transactions;
• investigating any matters within the ARC’s terms
of reference, whenever it deems necessary;
• reporting to the Board on material matters,
findings and recommendations
The ARC has full access to and co-operation from
management and enjoys full discretion to invite
any director and executive officer of the Manager
to attend its meetings. The ARC also has full access
to reasonable resources to enable it to discharge its
function properly.
