On 21 November 2007, the Audit Committee approved the Policy on External Auditor’s Independence, which is subject to annual review.

 

The Rules with respect to services provided by external auditors are largely predicated on three basic principles, violations of which would impair the external auditor’s independence: (1) an auditor cannot audit his own work, (2) an auditor cannot function in the role of management, and (3) an auditor cannot serve in an advocacy role for his client.