Audit Committee report
Ensuring integrity of our financial reporting and internal controls
The Committee particularly focuses on systems and processes of management control, the reporting of internal management information and externally reported financial information.
Chris Batterham Committee Chair
2020/21 key activities • Reviewing SGT progress, and ensuring controls are in place to prevent additional time/cost overruns • Monitoring ongoing impact of Covid-19 on key areas of judgement • Ensuring compliance with new policy on APMs and ISIs • Reviewing a change in accounting policy in relation to the configuration and customisation costs incurred in implementing Software-as-a-Service (SaaS), following the publication of the IFRIC agenda decision in April 2021 2021/22 priorities • Understanding integration plans and associated risks for Iron Mountain’s IPM business as well as monitoring costs of integration • Ensuring adequate controls exist as the Iron Mountain’s IPM business is consolidated into the Group’s results and that the existing Group controls are implemented within the newly acquired business • Ensuring the Iron Mountain’s IPM business fair value accounting including the assessment of deferred revenue is appropriately accounted for and disclosed • Review of SGT progress and time/cost overruns and ensuring any lessons learnt are adequately captured • Planning for regulatory changes arising from the BEIS white paper, “Restoring trust in audit and corporate governance”, and Task Force on Climate-Related Financial Disclosures (TCFD)
The Audit Committee’s key objectives The purpose of the Audit Committee is to assist the Board in the discharge of its fiduciary duties of stewardship of the Group’s assets. The Committee particularly focuses on systems and processes of management control, and the reporting of internal management information and externally reported financial information. The Committee also provides a forum for reporting by the external auditor.
The Audit Committee’s responsibilities The Committee’s main responsibilities include:
• Monitoring the integrity of the Financial Statements relating to the Group’s financial performance and their compliance with the provisions of IFRS, the UK Corporate Governance Code, the Disclosure Guidance and Transparency Rules and other regulations • Reviewing material information and significant accounting judgements contained in the Annual Report and Accounts • Advising the Board on the continuing appropriateness of the Group’s existing accounting policies and the application of any new or modified accounting and reporting standards • Advising the Board on the effectiveness of the processes ensuring that the Annual Report and Accounts, when taken as a whole, is fair, balanced and understandable • Reviewing the audit findings with the external auditor including discussing any major issues that arise during an audit, the accounting and audit judgements made, the level of any errors identified during the audit and the effectiveness of the audit process itself
88
Made with FlippingBook Converter PDF to HTML5