Statement of Compliance with Provisions of the Combined Code
(continued)
Statement of Compliance with Provisions of the Combined Code
(continued)
18
At each Board meeting, the Board reviews the actual financial results versus budget and forecast together with other management reports containing non-financial information.
Schedules of financial authority limits detailing management authority limits for commitments in respect of sales orders, capital and operating expenditures are circulated to relevant employees and updated at least annually.
The Board considers that there have been no weaknesses in internal financial controls that have resulted in any material losses, contingencies or uncertainties requiring disclosure in the financial statements.
The Chairman ensures that Directors take independent professional advice as required at the Group´s expense in appropriate circumstances and all members of the Board have access to the advice of the Group Secretary.
Going Concern
The Company believes that with existing cash on hand, cash expected to be received through existing contracts and the ability to control costs as a result of the Company´s cost minimization program implemented in the second half of 2008 that the Company will have sufficient cash to meet its working capital needs through 2009. For this reason the Company continues to adopt the going concern basis.
Internal Audit
The Group does not have an internal audit function. However, the Audit Committee reviews annually the need for such a function and has done so during the year. The current conclusion of the Board is that it is not necessary given the modest scale and lack of complexity of the Group´s activities.
Shareholder Communication
It is the Group´s policy to involve its shareholders in the affairs of the Group and to give them the opportunity at the Annual General Meeting to ask questions about the Group´s activities. This process enables the views of shareholders to be communicated to the Board. In addition, any direct enquiries are dealt with by the Group Secretary and communicated as appropriate to the Board. Other than in exceptional circumstances, all directors, including those newly appointed, attend the Annual General Meeting of
the Group, and make themselves available for introductions
and answering shareholders´ questions. Established procedures ensure the timely release of price sensitive information and the publication of financial results and regulatory financial statements. The Group also maintains a website, www.tyratech.com, which incorporates corporate, financial, product information and news.
