The audit committee provides support to the board in performing its duties and, in particular, has responsibility for monitoring the integrity of the group’s financial reporting, internal controls and risk management procedures.
Rob Rowley chairs the Audit Committee. The other members of the committee are Mike Coupe and Gordon Fryett. The board considers all members to be independent and is satisfied that Rob Rowley has recent and relevant financial experience, as the former finance director of Reuters Group PLC.
The role of the audit committee is to:
- review the results of the full year audit and the interim results, before they are submitted to the board.
- review the company's internal financial control systems, advising the board on the appointment of external auditors
- oversee the relationship with the external auditors
- review the company's whistleblowing procedures
- review the quality and effectiveness of the internal audit function
- review the group's risk management policies and procedures prior to submission to the board and receive detailed reports on the risk management functions within the business units
The committee generally has three meetings each year. On each occasion the finance director, senior members of the finance function and the external and internal auditors are invited to attend. In addition, the chairman of the committee regularly meets privately with the external audit partner.