Remit

Audit Committee

The members of the Audit Committee consist of at least three non-executive directors who are independent of management and free of any business or other relationships (including cross-directorships or day-to-day involvement in the management of the business) which could interfere with the exercise of their independent judgement.

The Audit Committee will advise the Accounting Officer and Board on:

the strategic processes for risk, control and governance and the Statement on Internal Control, including the supporting assurance framework;

the accounting policies, the accounts, and the annual report of the Company, including the process for review of the accounts prior to submission for audit, levels of error identified, and the Board's letter of representation to the External Auditors;

the planned activity and results of both internal and external audit;

the adequacy of management responses to issues identified by audit activity, including external audit's management letter;

assurances relating to the Company's corporate governance requirements (e.g. compliance with the Financial Memorandum, Government Accounting, etc);

proposals for procuring internal computer audit services and external audit services (if appropriate), or for the purchase of non-audit services from firms who provide audit services;

the External Auditor's remuneration, in conjunction with the Finance Director;

fraud management policies and practices and whistle-blowing processes.

The Audit Committee will also periodically review its own effectiveness and report the results of that review to the Board. Throughout the period, both external and internal audit had the right of independent access to the Chairman and members of the Committee.

Audit Committee Archive