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The primary role of the Audit Committee is to ensure the integrity of the financial reporting and audit process and to oversee the maintenance of sound internal control and risk management systems. This includes the responsibility to:
- make recommendations to the Board on the appointment and remuneration of the external auditor, review and monitor the external auditors’ performance, expertise, independence and objectivity along with the effectiveness of the audit process and its scope;
- review and monitor the integrity of the Group’s financial statements and the significant reporting judgements contained in them;
- monitor the appropriateness of accounting policies and practices;
- review the adequacy and effectiveness of financial reporting and internal control policies and procedures and risk management systems;
- monitor and review the activities and effectiveness of the internal audit function;
- review the effectiveness of the Group’s whistleblowing policies;
- monitor risks and compliance procedures across the Group.
The Audit Committee is comprised of three Independent Non-Executive Directors and is chaired by Mark Russell.
The Audit Committee meets formally at least four times a year and otherwise as required. External and internal auditors are invited to attend the Audit Committee meetings, along with any other Director or member of staff considered necessary by the Committee to complete its work. The Committee meets with external auditors and internal auditors without Executive Directors or members of staff present at least once a year, and additionally as it considers appropriate.
Click here for the Audit Committee terms of reference.
Further information regarding External Auditors, Risk Management Processes, Internal Controls and the principal matters considered by the Audit Committee during 2017 are available in our 2017 Annual Report and Accounts found here.