Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 230

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 230
---
 regarding financial reporting.

(b)approve the proposed current year audit program of the external auditors and assess the results of the program after the end of the program period. 

(c)approve in advance any non-audit services that are permitted by applicable law to be performed by the external auditors after considering the effect of such services on their independence. 

(d)receive from the external auditors a formal written statement delineating all relationships between the external auditor and the corporation consistent with Independence Standards Board Standard 1, and shall actively engage in a dialogue with the external auditor with respect to any disclosed relationships or services that may impact the objectivity and independence of the external auditor and shall recommend that the board take any appropriate action to oversee the independence of the external auditor. 

(e)maintain hiring policies for employees and former employees of the independent auditors. 

192

(f)establish procedures for the receipt, retention and treatment of complaints received by the corporation regarding accounting, internal accounting controls, or auditing matters and the confidential, anonymous submission by employees of the corporation of concerns regarding questionable accounting or auditing matters. 

(g)approve the proposed current year audit program of the internal auditors and assess the results of the program after the end of each quarter. 

(h)review the adequacy of the corporation's system of internal controls and auditing procedures. 

(i)review the accounting and financial reporting processes of the corporation. 

(j)provide oversight regarding the corporation’s tax compliance activities.

(k)approve changes proposed by management in accounting principles and practices, and review changes proposed by the accounting profession or other regulatory bodies which impact directly on such principles and practices. 

(l)review the quarterly news release of financial and operating results, the annual and quarterly financial statements of the corporation, any accounting items affecting the statements and the overall format and content of the statements, and the related management discussion and analysis, prior to approval of such news release and financial statements by the board of directors. 

(m)review the results of the corporation's business ethics compliance program. 

(n)review related party transactions to assess the commercial reasonableness of those transactions, and to ensure that all such transactions are entered into in compliance with applicable laws and regulations.

(o)provide oversight regarding the corporation’s anonymous ethics hotline.

(p)review annually a summary of senior management expense accounts. 

(q)evaluate, along with the other members of the board, management, the controller, and the general auditor, the qualifications, performance and independence of the independent auditors, including the performance of the lead audit partner