Governance

Audit Committee

Audit Committee

The Audit Committee members are Humphrey Singer (who also Chairs the Committee), Rob Noel, Scilla Grimble and Angela Knight.

Audit Committee Report

Terms of Reference

Humphrey Singer

Audit Committee summary

The main objectives of the Committee are to assist the Board in fulfilling its corporate governance responsibilities relating to the Group's risk management and internal control framework; internal audit process; financial reporting practices including the key accounting judgements and estimates; and external audit process.

During 2020, the Committee:

  • Oversaw the external audit tender process and recommended to the Board the decision, subject to shareholder approval, to appoint PwC as external Auditor from 22 April 2021
  • Reviewed and approved the handover plan of the external audit, subject to shareholder approval at the AGM, from Deloitte to PwC
  • Continued focus on key initiatives to support cost management and simplification of key commercial processes
  • Gained assurance that current technology and ongoing related process improvements are implemented within a robust framework
  • Engaged with the senior management team to ensure an effective and appropriate risk management and control framework continued to evolve
  • Received the Group fraud risk assessment and gave continuing focus thereto
  • Gave independent advice and guidance to the Executive in addressing the financial and accounting challenges posed by the impact of the COVID-19 pandemic on the Company and its market

In 2021, the objectives of the Committee are as follows:

  • Oversee the externally-facilitated quality assessment of Internal Audit
  • Continuing focus on the resilience and protection of key business systems against cyber and other threats
  • Gain assurance that new systems and processes related to the customer journey are implemented within a robust framework