Audit Committee
| Audit Committee: | David Williams (Chairman) David Bamford Steven McTiernan Clare Spottiswoode |
The main responsibilities of the Committee are:
- Monitoring the integrity of the financial statements and formal announcements relating to the Group’s financial performance;
- Reviewing significant financial reporting issues and accounting policies and disclosures in financial reports;
- Reviewing the effectiveness of the Group’s internal control procedures and risk management systems;
- Considering how the Group’s internal audit requirements shall be satisfied and making recommendations to the Board;
- Making recommendations to the Board on the appointment or re-appointment of the Group’s external auditors;
- Overseeing the Board’s relationship with the external auditors, and, where appropriate, the selection of new external auditors; and
- Ensuring that an effective whistle-blowing procedure is in place.
David Williams was appointed Chairman of the Committee on 23 October 2007 in place of Rohan Courtney. He is a Chartered Accountant and, until his retirement in 2006, was Finance Director of Bunzl plc. Currently, he is also a member of the audit committees of four other companies including Meggitt PLC and Taylor Wimpey plc. For the purposes of the Combined Code, David Williams is considered by the Board to have recent and relevant experience. In addition, the other members of the Committee have a range of financial and commercial experience and have all served on the Committee for a number of years.
The Group’s external auditors are Deloitte & Touche LLP and the Committee closely monitors the level of audit and non-audit services they provide to the Group. Non-audit services are normally limited to assignments that are closely related to the annual audit or where the work is of such a nature that a detailed understanding of the Group is necessary. A breakdown of the fees paid to the external auditors in respect of audit and non-audit work is included in note 3. In addition to processes put in place to ensure segregation of audit and non-audit roles, as part of the assurance process in relation to the audit,
Deloitte & Touche LLP are required to confirm to the Committee that they have both the appropriate independence and objectivity to allow them to continue to serve the members of the Company. No matters of concern in relation to the above were identified by the Committee. The Chief Financial Officer, the Group Internal Audit Manager, the Group Finance Manager and representatives of the external auditors normally attend meetings of the Audit Committee, at the invitation of the Committee. The Chairman of the Board also attends meetings of the Committee by invitation. The external auditors have unrestricted access to the Committee Chairman. During the 2007 audit process, the Audit Committee Chairman met with Deloitte’s Audit Engagement Partner without the presence of management.
 |
 |
