Audit Committee

The Committee has determined that Mr. G. Smith is the Committee’s financial expert. Mr. G. Smith is also the current Chair of the Audit Committee. Members bring considerable financial and accounting experience to the work of the Committee.

The main responsibilities of the Committee include:

  • monitoring the integrity of the financial statements of the Group and any formal announcements relating to the Group’s financial performance and reviewing significant financial reporting judgements contained in them;
  • reviewing the Group’s internal financial controls;
  • reviewing the Group’s internal control and risk management systems;
  • making recommendations for the Board to put to the shareholders for their approval in general meetings regarding the appointment, remuneration and terms of engagement of the external auditor;
  • eviewing and monitoring the external auditors’ independence and objectivity and the effectiveness of the audit process, taking into consideration relevant professional and regulatory requirements;
  • developing and implementing policy on the engagement of external auditors to supply non-audit services, taking into account relevant ethics guidance regarding the provision of non-audit services by an external audit firm;
  • review the plans, work and performance of the internal audit function and management’s actions on findings to gain assurance as to the effectiveness of the internal controls in the Group; and
  • reporting to the Board, identifying any matters in respect of which it considers that action or improvement is needed, and making recommendations as to the steps to be taken.