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Audit

Appointing an Auditor 

The big 4 auditing firms (EY, KPMG, PwC, and Deloitte) are expensive and might not be a perfect fit for the CRCs. It is recommended to choose second tier auditing firm (eg: Grant Thornton, RSM, PKF, and BDO). 

The appointment of the CRCs auditor is required to be made by members at the AGM.

The CRC should prepare an Request for Proposal (RFP) outlining their requirements and expectations and send to at least three auditing firms. Once proposals have been received, auditors should be interviewed by the Audit and Risk Management Committee and a recommendation made to the Board regarding the resolution to be put to members at the AGM.

The CRC should commence the RFP and selection process a few months before the CRCs first AGM. 

Audit

The general CRC auditing scope includes:

  • Audit of financial report
  • Audit of CRC statement of income and expenditure and quarterly CRC progress report
  • Preparation of financial statements
  • Preparation of Independent audit report as per CRC guidelines
  • Preparation of certification of certain matters by the auditor as per CRC guidelines
  • Preparation of adjustments to budget & milestone reporting workbook based on audit
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