Audit

Role of the committee

The role of the committee is to:

  • Monitor the integrity of the Company’s financial statements, any of the formal announcements relating to the Group's financial performance, and reviews significant judgements, estimates or other accounting matters concerning the Group and Company's financial statements
  • Review the effectiveness of risk management and internal control systems, including going concern and viability statements, and provides assurance to the Board
  • Monitor and reviews the effectiveness of the Group’s internal audit function
  • Manages the appointment, independence, effectiveness and remuneration of the Group’s external auditor, including compliance with the non-audit services policy
  • Approves the remuneration and terms of engagement of the external auditor and makes recommendations to the Board regarding their re-appointment
  • Advise the Board on how it has discharged its responsibilities and considers 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 to incorporate the transfer of some responsibilities to the Compliance and Ethics Committee.

Download the Audit Committee Terms of Reference

Activities

The Audit Committee met four times during 2017, 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 2017 Annual Report and Accounts and the Group’s framework of controls comprising financial, operational and compliance controls. A list of the principal matters considered during the year is available in the Audit Committee Report, and is also shown below.

Read the 2017 Audit Committee Report.