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| ! | Serve as an independent and objective party to monitor the Company’s financial reporting and internal control system and review the Company’s financial statements. |
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| ! | Review and appraise the performance of the Company’s external auditors. |
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| ! | Provide an open avenue of communication among the Company’s auditors, financial and senior management and the Board of Directors. |
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| ! | Be directly responsible for: |
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|   | (a) | the selection of a firm of external auditors, including the decision to retain any existing external auditors, to be proposed for election as the external auditors of the Company; |
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|   | (b) | the oversight of the work of the Company’s external auditors (including the resolution of disagreements between management of the Company and the external auditor regarding financial reporting); |
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|   | (c) | subject to grant by the shareholders of authority to do so, if required, fixing the compensation of the external auditors of the Company. |
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| ! | Oversee the accounting and financial reporting processes of the Company and the audits of the Company’s financial statements. |
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| (a) | Review and update the Charter annually. |
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| (b) | Review the Company’s financial statements, MD&A and any annual and interim earnings, and press releases before the Company publicly discloses this information and any reports or other financial information (including quarterly financial statements), which are submitted to any governmental body, or to the public, including any certification, report, opinion, or review rendered by the external auditors. |
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| (c) | Review and discuss the audited financial statements with management. |
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| (d) | Recommend to the Board of Directors that the annual audited financial statements be included in the Company’s regulatory filings based upon the Committee’s review and discussion of the financial statements with management and the external auditor, its discussions with the external auditor regarding the matters required to be discussed by auditing standards, and its discussions regarding the external auditors’ independence. |
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| (a) | Review annually, the performance of the external auditors. |
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| (b) | Be directly responsible for: |
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|   | (a) | the selection of a firm of external auditors, including the decision to retain any existing external auditors, to be proposed for election as the external auditors of the Company; |
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|   | (b) | the oversight of the work of the Company’s external auditors (including the resolution of disagreements between management of the Company and the external auditor regarding financial reporting); |
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|   | (c) | subject to grant by the shareholders of authority to do so, if required, fixing the compensation of the external auditors of the Company. |
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| (c) | Review with management and the external auditors the audit plan for the year-end financial statements and intended template for such statements. |
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| (d) | Review and pre-approve all audit and audit-related services and the fees and other compensation related thereto, and any permitted non-audit services and the fees and other compensation related thereto, provided by the Company’s external auditors. |
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| (e) | Ensure the receipt from the external auditors of a formal written statement delineating all relationships between the external auditor and the Company, consistent with applicable accounting and auditing standards, including Independence Board Standard No. 1, and engage in discussions with the external auditor with respect to any disclosed relationships or services that may impact the objectivity and independence of the external auditor.  If applicable, discuss with the external auditors the matters required to be discussed by the Statement on Auditing Standards No. 61, as amended, as adopted by the Public Company Accounting Oversight Board. |
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| (f) | Take, or recommending that the full Board of Directors take, appropriate action to oversee the independence of the external auditor. |
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| (g) | Obtain confirmation from the external auditor that they will report directly to the Committee. |
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| (a) | In consultation with the external auditors, review with management the integrity of the Company’s financial reporting process, both internal and external. |
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| (b) | Consider the external auditors’ judgments about the quality and appropriateness of the Company’s accounting principles as applied in its financial reporting. |
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| (c) | Consider and approve, if appropriate, changes to the Company’s auditing and accounting principles and practices as suggested by the external auditors and management. |
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| (d) | Following completion of the annual audit, review separately with management and the external auditors any significant difficulties encountered during the course of the audit, including any restrictions on the scope of work or access to required information. |
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| (e) | Review any significant disagreement among management and the external auditors in connection with the preparation of the financial statements. |
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| (f) | Review with the external auditors and management the extent to which changes and improvements in financial or accounting practices have been implemented. |
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| (g) | Establish a procedures for: |
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|   | (i) | the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls, or auditing matters; and |
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|   | (ii) | the confidential, anonymous submission by employees of the Company of concerns regarding questionable accounting or auditing matters. |
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| (h) | Review any complaints or concerns about any questionable accounting, internal accounting controls or auditing matters. |
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| (i) | Review certification process. |
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|   | (i) | Compensation to the Company’s external auditors; and |
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|   | (ii) | Ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties hereunder. |
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