UNBOUNCE - EXAMPLE PAGE-REPORT-ENTERPRISE DOCUMENT-KINGSPAN - Flipbook - Page 103
Each committee meeting was
attended by the Group Chief Financial
Officer and the Head of Internal Audit
& Compliance. The external auditor
also attended these meetings as
required. The Company Secretary is the
secretary of the Audit & Compliance
Committee. Other directors can
attend the meetings as required.
The chairman of the Audit &
Compliance Committee also met with
both the Head of Internal Audit &
Compliance and the external audit lead
partner outside of committee meetings
as required throughout the year.
Committee Evaluation
As outlined on page 70 within the
Corporate Governance Statement,
the performance of the Board also
includes a review of the committees.
Any recommendations raised in
relation to the Audit & Compliance
Committee are acted upon in a
formal and structured manner. No
issues were identified for the year
ended 31 December 2021.
Financial Reporting
The committee is responsible for
monitoring the integrity of the
Group’s financial statements and
reviewing the financial reporting
judgements contained therein. The
financial statements are prepared by
a finance team with the appropriate
qualifications and expertise.
The committee confirmed to the
Board that the Annual Report, taken
as a whole, is fair, balanced and
understandable and provides the
information necessary for shareholders
to assess the Company’s position
and performance, business model
and strategy.
In respect of the year to 31 December
2021, the committee reviewed:
g the Group’s Trading Updates issued
in June and November 2021;
g the Group’s Interim Report for the
six months to 30 June 2021; and
g the Preliminary Announcement
and Annual Report to 31
December 2021.
In carrying out these reviews,
the committee:
g reviewed the appropriateness
of Group accounting policies
and monitored changes to and
compliance with accounting
standards on an ongoing basis;
g discussed with management
and the external auditor the
critical accounting policies and
judgements that had been applied;
g compared the results with
management accounts
and budgets, and reviewed
reconciliations between these and
the final results;
g discussed a report from the
external auditor at that meeting
identifying the significant
accounting and judgemental
issues that arose in the course
of the audit;
g considered the management
representation letter requested
by the external auditor for any
non-standard issues and monitored
action taken by management as a
result of any recommendations;
g discussed with management
future accounting developments
which are likely to affect the
financial statements;
Kingspan Group plc Annual Report & Financial Statements 2021
g reviewed the budgets and
strategic plans of the Group to
ensure that all forward looking
statements made within the
Annual Report reflect the actual
position of the Group; and
g considered key areas in which
estimates and judgement had
been applied in preparation of the
financial statements including,
but not limited to, a review of fair
values on acquisition, the carrying
amount of goodwill, intangible
assets and property, plant and
equipment, litigation and warranty
provisions, recoverability of trade
receivables, valuation of inventory,
hedge accounting treatments,
treasury matters and tax matters.
The primary areas of judgement
considered by the committee in
relation to the Group’s 2021 financial
statements, and how they were
addressed by the committee are set
out overleaf.
Each of these areas received particular
focus from the external auditor,
who provided detailed analysis and
assessment of the matter in their
report to the committee.
In addition, the Internal Audit team
reviews the businesses covered in
its annual Internal Audit Plan, as
agreed by the committee, and
report its findings to the Audit &
Compliance Committee throughout
the year. These internal audit reviews
are focused on areas of judgement
such as warranty provisions, trade
receivables and inventory, and provide
the committee with information on
the adequacy and appropriateness of
provisions in these areas.
Report of the Audit & Compliance Committee
