Independent Director and Audit Committee Chair — Audit Governance Establishment

Build a committee that can operate after the listing work ends

The chair will establish an effective audit-governance rhythm for a resource-sector issuer. The objective is a repeatable process for financial reporting, auditor engagement and control oversight, rather than a collection of documents prepared for a transaction milestone.

Foundations to establish

Clarify the committee’s agenda, information requirements and escalation routes. Assess the finance team’s capacity to meet reporting obligations and identify dependence on temporary transaction support. Review the close process, significant accounting policies and ownership of disclosures.

The first annual committee plan should identify recurring decisions, significant estimates and the points at which management must provide evidence. Establish an issues register that survives changes in advisers or finance personnel. The chair should test whether the reporting team can operate the process independently and whether unresolved transaction matters have a clear owner. Early reporting cycles should be used to assess capability and improve controls, with lessons captured rather than relying on repeated exceptional effort to meet each deadline.

Chair responsibility in early reporting cycles

Oversee audit planning, independence, findings and management responses. Ensure significant judgements reach the committee with sufficient evidence and time for challenge. Establish a clear way to track unresolved matters across meetings and communicate them to the board.

What should be working at handover

The committee should receive consistent papers, direct assurance-provider access and a transparent view of control gaps. Candidates should discuss how they have moved an organisation from deadline-driven reporting to an orderly annual cycle. Formal independence and relevant qualification assessments must be completed for the actual seat.