Role of the committee

The role of the committee is to:

  • Monitor the integrity of the Group’s financial statements, any formal announcements relating to the Group’s financial performance, and review significant financial reporting judgements, estimates or other accounting matters concerning the Group
  • Review the effectiveness of risk management and internal control systems, including viability statements, and provide assurance to the Board
  • Monitor and review the effectiveness of the Group’s internal audit function
  • Manage the appointment, independence, effectiveness and remuneration of the Group’s external auditor, including the policy on the award of non-audit services
  • Approve the remuneration and terms of engagement of the external auditor and make recommendations to the Board regarding their re-appointment
  • Advise the Board on how it has discharged its responsibilities and consider whether the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable.

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.

Download the Audit Committee Terms of Reference


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.