fooca Hey mate, as bit more qualified... Would you be able to...

fooca

Hey mate, as bit more qualified... Would you be able to shed some light to this extract from their statement.
Cheers

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3(a) Audit and Risk CommitteeThe Board has not established an Audit and Risk Committee and as such the Group is not in compliancewith Principle 4.1 of the ASX Corporate Governance Council. The Board considers that the Group is not ofa size, nor are its financial affairs of such complexity to justify the formation of an audit and risk committee.The Board as a whole undertakes the selection and proper application of accounting policies, theidentification and management of risk and the review of the operation of the internal control systems. TheBoard considers that the experience and qualifications of the Board will assure the integrity of the financialstatements of the Group and the independence of the external auditor.

The Board has ratified an Audit Policy which states the services that may or may not normally be
conducted by the Group’s external auditing firm under the following guiding principles.

I m not sure what it means, but is bloody interesting hahaha