Role of the committee
The role of the committee is to:
Terms of reference
The Committee reviewed its terms of reference during the year, with changes made to incorporate Committee membership changes and other governance amendments.
The Audit Committee met four times during 2018, coinciding with key points in the Company’s financial reporting cycle, and assisted the Board in the effective discharge of its responsibilities for financial reporting and internal control.
The Committee’s primary focus has been on the integrity of our financial reporting, related risk management and internal control activities.
In addition, the Committee considered the full year results, the 2018 Annual Report and Accounts and the Group’s framework of controls comprising financial, operational and compliance controls. Considerable work was undertaken during 2018 to understand the implications of implementing International Financial Reporting Standards (IFRS) 9 and 15.
A list of the principal matters considered during the year is available in the Audit Committee Report, and is also shown below.
How the Audit Committee spent its time during the year (%):
Read the 2018 Audit Committee Report.