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Internal audit The Group outsources its internal audit function and effective from 12 February 2025 appointed EY as its internal auditor. The Group expresses its gratitude to its previous internal auditor, KPMG, for their services and contributions since 2018. EY formally report to James Rawlingson, Chair of the Committee, with the CRO, being the principal point of day-to-day contact. A risk-based audit plan is developed by the Committee and EY, with input from the Risk and Compliance Committee, the CEO, the CFO and the CRO, seeking to provide assurance in areas of high risk and of importance across the industry. The plan is reviewed by the Committee at regular intervals, taking into account any changes in areas deemed high risk.
External audit The Group’s External Auditors are PwC who have been engaged since 2011. Jeremy Jensen is the current audit partner in charge of the Group’s audit, with the current year being his fifth year. In accordance with mandatory requirements on audit partner rotation, Jeremy will be replaced by Gary Shaw for the 2026 audit. Due to the Group’s move from AIM to the main market listing, mandatory firm tender rules also now apply and the Group will be required to tender its audit firm no later than 2035. The Committee will consider its plan for the tender well ahead of this audit cycle. During the year, the Committee monitored the Group’s policy on external audit and evaluated and reviewed the independence and effectiveness of PwC in their role. No material issues were raised during the course of the year. A formal review of PwC’s performance will be carried out in FY26. The Committee agreed the external audit and assurance fees and reviewed the audit engagement letter. Details of the Auditors’ remuneration is provided in note 9 to the Consolidated financial statements included within the Annual Report and Accounts.
Independence and non-audit services The Committee recognises the fact that, given their knowledge of the business, there are advantages in using PwC and EY to provide certain non-audit services on particular occasions. If there is a business case to use the Auditors to provide non-audit services, sign-off is required from the Committee to ensure that there is no impact on the Auditors’ objectivity and independence. Monetary sign- off limits are provided within the framework of the Non-Audit Services Policy, which was reviewed by the Committee during the year, and any non-audit services provided to the Group reviewed in line with this Policy.
Whistleblowing The Group is committed to creating a culture of openness, integrity and accountability, ensuring employees are able to raise concerns confidentially and without repercussion. A formal policy is in place setting out the procedures and ensuring that all employees are able to raise concerns, in confidence, about possible wrongdoing. Responsibility for whistleblowing rests with James Rawlingson, Chair of the Committee, who has the role of the Group’s overall ‘Whistleblowing champion’. Changes to the policy require Group Board approval, and the Committee has responsibility for regularly reviewing the adequacy of arrangements to ensure an independent investigation of matters raised and appropriate follow-up action.
Brooks Macdonald Group plc Annual Report and Accounts 2025
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