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Committee Members:

Frank Nelson (Chairman)

Martyn Coffey

Sucheta Govil

Terms of Reference

Download the Audit and Risk committee terms of reference

Full Report

Read the full report on pages 52 - 67 of the 2018 Annual Report

ROLE AND RESPONSIBILITIESplus

The key responsibilities of the Committee are to:

  • Review the Annual Report, Half-Year Report and any other formal announcements relating to the Group’s financial performance, giving due consideration to significant accounting issues and judgements contained therein, as well as compliance with accounting standards and other legal and regulatory requirements.
  • Review the Annual Report and Financial Statements to advise the Board on whether they give a fair, balanced and understandable explanation of the Group’s business and performance over the relevant period.
  • Review the Group’s financial reporting systems and procedures.
  • Review the Group’s internal controls and risk management systems and advise the Board whether they are adequate, by considering reports on their effectiveness from the Chief Financial Officer and Chief Executive Officer, together with reports from the Group’s outsourced internal auditor and from the external auditor.
  • Review and update the Group’s risk register.
  • Review the Group’s procedures to ensure compliance with the provisions of the Bribery Act 2010 and the Group’s whistleblowing policy.
  • Review external auditor’s independence and objectivity, audit and non-audit fees and make recommendations regarding audit tender and the appointment and remuneration of the auditor, together with the terms of their engagement.
  • Review the annual audit plan and monitor the effectiveness of the external audit process.
  • Monitor and review the effectiveness of the outsourced internal audit function. Review the internal audit plan, all internal audit reports, and review and monitor management’s responses to the findings and recommendations of the internal audit function.
  • Consider the adequacy of the Group’s finance function.
  • Review the Group’s tax strategy.
  • Review the Committee Terms of Reference.
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