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Corporate Governance Statement (continued)
Independent Professional Advice
The Board has determined that individual directors have the right in connection with their duties and responsibilities as
directors to seek independent professional advice at the Company's expense. The engagement of an outside adviser is
subject to prior approval of the Chairman and this will not be withheld unnecessarily. If appropriate, any advice so received
will be made available to all Board members.
Risk Management
The Board is responsible for the oversight of the Company's risk management and control framework. Responsibility
for control and risk management is delegated to the appropriate level of management within the Company with the
Managing Director and Chief Financial Officer having ultimate responsibility to the Board for the risk management and
control framework.
Areas of significant business risk to the Company are highlighted in the Business Plan presented to the Board in respect of
operations and the financial position of the Company.
Role of Auditor
The Company's practice is to invite the auditor to attend the annual general meeting and be available to answer shareholder
questions about the conduct of the audit and the preparation and content of the auditors' report. Non-Executive Directors
have direct access to the auditors as required by them.
Recommendations and advice provided by the external auditor and other external advisers on the operational and financial
risks faced by the Company were instigated and where appropriate implemented.
24 GCS Limited - 2008 Annual Report
Financial Report
Table of Contents
Directors Report 26
Auditors' Independence and Non-audit Services Declaration 35
Directors' Declaration 36
Independent Auditors' Report 37
Income Statement 39
Balance Sheet 40
Cash Flow Statement 41
Statement of Changes in Equity 42
Notes to the Financial Statements 43
ASX Additional Information 91
25