The Audit Committee is currently made up of three members who are all independent Non-executive Directors and includes at least one member with recent and relevant financial experience. The Committee is chaired by George Reid.
Amongst other things, the Audit Committee has responsibility for monitoring and reviewing the financial reporting process of the Group and the involvement of the auditors in that process.
The Audit Committee assists the Board in discharging its responsibilities with regard to:
- financial reporting;
- external and internal audits and controls, including reviewing the Group’s annual and half-yearly financial statements;
- making recommendations on the appointment, reappointment and removal of the external auditors;
- monitoring the independence of the external auditor; and
- reviewing the objectivity and effectiveness of the audit process and reviewing the scope of the audit and non-audit work undertaken by the external auditors.