RWS Annual Report 2022 web - Flipbook - Page 81
KEY PURPOSE OF THE AUDIT COMMITTEE: RESPONSIBILITIES AND ACTIVITIES
The Committee’s responsibility is to ensure that financial
information published by the Group properly presents
its activities to stakeholders in a way that is fair, balanced
and understandable, as well as overseeing the effective
delivery of both external and internal audit services.
contributors and senior management are fully aware of
the requirements and their responsibilities. This included
the use and disclosure of alternative performance
measures and the financial reporting responsibilities of
the Directors under s172 of the Companies Act 2006 to
promote the success of the Company for the benefit of
its members as well as considering the interests of other
stakeholders which will have an impact on the Company’s
long-term success.
The Committee also supports the Board in meeting its
responsibilities in respect of overseeing the Group’s
internal control systems, business risk management and
related compliance issues.
During 2022, the Committee met five times and full details
of matters discussed are covered later in this report.
This includes an annual calendar of standing items,
including the review of the annual and half-yearly financial
statements to ensure these properly present the Group’s
activities in accordance with accounting standards, law,
regulations and market practice.
The Committee operates on the basis of open and
challenging dialogue with management and with the
external auditors. The Committee is responsible for
reporting on its responsibilities to the Board. The Group
does not have an internal audit function but does carry
our internal audits through a third party. The Audit
Committee reviews this decision on an annual basis.
In addition to the above, particular areas on which the
Committee focused included:
Fair, Balanced and Understandable
The Committee assessed whether 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. The Committee ensures that all
•
Principal risks and uncertainties and the effectiveness of
the risk management process.
•
Accounting judgements and estimates and
developments in financial reporting.
•
Dividend planning.
Committee activity in the year ended 30 September 2022
7 December
2021
29 March
2022
27 May
2022
2 August
2022
29 September
2022
Full year results
x
-
-
-
-
Interim results
-
x
x
-
-
External audit plan
-
-
-
x
-
External audit reports
x
x
-
-
-
External audit effectiveness and independence
x
-
-
-
-
Risk register
-
x
-
-
x
Internal audit proposals
-
-
x
-
-
-
-
x
-
x
Statutory and financial reporting
External audit
Risk and control
Other matters
Affordability of proposed dividends
GOVERNANCE REPORT RWS — Annual Report 2022
81
