Members of the committee
Michael Pavia (Chairman)
Struan Robertson
John Crowle
View the full terms of reference for the audit committee
The main responsibilities of the committee are to:
- monitor the integrity of the financial statements of the company and any formal announcements relating to the company's financial performance;
- consider and make recommendations to the Board as regards the appointment and re-appointment of the external auditors;
- oversee the relationship with the external auditor and, where appropriate, the selection of new auditors;
- approve the terms of reference of the internal audit function and, monitor and review the internal audit programme and its effectiveness;
- review the risk assurance reports on the effectiveness of systems for internal financial control, financial reporting and risk management;
- develop and recommend to the Board the company's policy in relation to the provision of non-audit services by the external auditors and
- review the Company’s compliance with the UK Bribery Act 2010 and the implementation of the Company’s Code of Business Conduct
- review the company's whistle-blowing procedures.
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.
No matters of concern in relation to the above were identified by the committee. The chief financial officer, the group financial controller 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 and may meet with Deloitte's Audit Engagement Partner without the presence of management.