The audit committee comprises three non-executive directors, all of whom are considered by the Board to be independent. Currently, its members are Iain McLaren (chairman), Dr Jim Buckee and M. Jacqueline Sheppard QC. All meetings of the audit committee are also attended by the external auditors and by the internal auditors. The external auditors receive copies of all audit committee papers (including papers to be considered at meetings when they are not in attendance) and minutes of all committee meetings. In addition, the chairman of the committee regularly meets with the external audit partner to discuss matters relevant to the Company.
The role of the committee includes:
- monitoring the integrity of the financial statements of the Company and formal announcements relating to the Company’s financial performance and reviewing any significant financial reporting judgements contained in them;
- reviewing accounting policies, accounting treatments and disclosures in financial reports;
- reviewing the Company’s internal financial controls and internal control and risk management systems;
- monitoring and reviewing the effectiveness of the Company’s internal audit function;
- overseeing the Company’s relationship with the external auditors, including making recommendations to the Board as to the appointment or reappointment of the external auditors, reviewing their terms of engagement, and monitoring the external auditors’ independence, objectivity and effectiveness; and
- reviewing the Company’s whistleblowing procedures and ensuring that arrangements are in place for the proportionate and independent investigation of possible improprieties in respect of financial reporting and other matters and for appropriate follow-up action.
Terms of Reference
View our Audit Committee Terms of Reference (PDF)
Committee Members
 |
Iain McLaren, Chairman |
 |
Dr Jim Buckee |
 |
M. Jacqueline Sheppard QC |