International All Sports Limited

IAS has a highly structured six-monthly reporting process, culminating in Board sign-off and release of financial results to the market. The Chief Executive Officer and Chief Financial Officer provide letters of assurance to the Board for each half-year and full-year result. IAS also releases unaudited quarterly updates to the market.

IAS’s Audit, Risk and Compliance Committee is constituted in accordance with the guidelines, and its responsibilities and composition requirements are set out in the Audit, Risk and Compliance Committee Charter.

The functions of this Committee include:

assist the Board in the discharge of its responsibilities in respect of the preparation of the group’s financial statement and the group’s internal controls;
review the scope of the audit, level of audit fees and performance of external auditors;
provide a line of communication between the Board and external auditors and examine the external auditor’s evaluation of internal controls and management’s response;
review the major risks affecting the Group of companies and assist the Board with reviewing the effectiveness of the controls operating over the Group’s financial and non financial risks;
consider whether there is appropriate management of complaints and the treatment of any whistleblower concerns;
maintain and review the Corporate Governance policies and procedures;
develop, reviewi and ratify systems of risk management and internal compliance and controls, codes of conduct and legal and regulatory compliance;
assess whether external reporting is consistent with Committee members’ information and knowledge and is adequate for shareholder needs.
assess management processes supporting external reporting;
- procedures for the selection, removal and appointment of the external auditor and the rotation of external audit engagement partners;
- assessment of the performance and independence of the external auditors and whether the Audit Committee is satisfied independence of this function has been maintained having regard to the provision of non-audit services; and
assessment of the performance and objectivity of internal audit functions

Any Director may refer a matter to the Audit, Risk and Compliance Committee for its consideration. The current members of the Audit, Risk and Compliance Committee are Barry Coulter (Chair) and Peter Woodhead. The CEO, CFO , Company Secretary , Compliance Officer and External Auditor are invited to participate in the meetings at the invitation of the Committee.

Amongst other things, the Audit, Risk and Compliance Committee has specific responsibility for recommending the appointment or dismissal of external auditors and monitoring and reviewing any non-audit work carried by the external audit firm. The procedures for appointment of an external auditor, and for the mandatory 5-year rotation of the external audit engagement partner are outlined in the charter. No director has any association, past or present, with IAS’s external auditors.

The Audit, Risk and Compliance Committee currently meets a minimum of six times annually, The Committee may meet whenever necessary, and subsequently relays a summary of discussions and any significant matters arising to the Board followed by meeting minutes.

External Audit

IAS is vigorously scrutinised by government, regulators, customers and investors. We recognise, accept and welcome this scrutiny as a further check of our efforts to maintain and promote the integrity of our businesses, as well as the prudent operation of our systems.

Internal Audit

The internal audit function reports to the Audit, Risk and Compliance Committee, plans and resources provide for adequate support of the Committee’s own goals and objectives. Management engages Hayes Knight who provide services and work with IAS staff in conducting the Internal Audit function. The internal audit function is independent of the external audit, has full and free access to the Audit, Risk and Compliance Committee to preserve objectivity, and also has full and free access to IAS employees and IAS records.

The Internal Auditor duties and responsibilities include both Secretary to the Audit, Risk and Compliance Committee and Company Compliance Officer.