Audit Committee

Members:  Craig Sturrock (Chairman), Ronnie Bozzer, Stan Page

Primary roles and responsibilities:


  • overseeing the integrity of the Company’s financial statements
  • reviewing and recommending to the Board for approval, the Company’s annual financial statements and accompanying annual management’s discussion and analysis;
  • reviewing the Company’s interim financial statements and accompanying interim management’s discussion and analysis prior to their publication, filing or delivery to shareholders;
  • reviewing the annual and all interim earnings press releases prior to their filing or publication;
  • recommending to the Board the auditors who will be proposed at the annual shareholders’ meeting for appointment as the Company’s external auditor for the ensuing year;
  • evaluating the qualifications and ensuring the independence of the Company’s auditor;
  • reviewing and pre-approving the terms of the annual external audit engagement plan, as well as non-audit services the auditor is to perform;
  • reviewing results of external audit activities;
  • reviewing the Company’s ongoing relationship with its auditor and the performance of the auditor;
  • maintaining direct access to the Company’s external auditor and meeting separately when deemed necessary;
  • reviewing and assessing regularly:
    1. the quality and acceptability of accounting policies and financial reporting practices used by the Company;
    2. any significant proposed changes in financial reporting and accounting policies and practices to be adopted by the Company;
    3. any new or pending developments, in accounting and reporting standards that may affect the Company;
    4. the key financial estimates and judgments of management that may be material to the financial reporting of the Company;
    5. policies related to financial disclosure risk assessment and management;
    6. responses by management to material information requests from government or regulatory authorities which may have an impact on the financial reporting of the Company; and
    7. the accounting treatment of large transactions through presentations by management and the Company’s auditor;
  • reviewing and obtaining reasonable assurance that the Company’s internal financial control and information systems are properly designed and effectively implemented to produce accurate, appropriate and timely financial information and disclosure;
  • reviewing insurance coverage of significant business risks;
  • reviewing corporate policies within the scope of its responsibility and monitoring compliance with such policies;
  • in respect of matters within the Audit Committee’s purview and delegation, assisting the Board in its oversight of the Company’s compliance with legal and regulatory requirements;
  • directing and supervising the investigation into any matter brought to the Committee’s attention within the scope of its duties; and
  • reporting to the Board at each regularly scheduled meeting following any Audit Committee meeting.


Audit Charter DXI Energy Inc.