Audit Committee report continued
Related party transactions and other fees approved by the Committee Refer to Note 32 for related party transactions in the year. There were no such fees payable in the current year. Fair, balanced and understandable At the request of the Board, the Committee considered whether the 2021 Annual Report and Accounts, when taken as a whole, was fair, balanced and understandable (FBU) and whether it provided the necessary information for shareholders to assess NCC Group’s position and performance, business model and strategy. The reviews outlined in the diagram above include reviews of all material matters, as reported elsewhere in this Annual Report and Accounts, and reviews of the balance of good and bad news and ensure the Annual Report and Accounts correctly reflects: • The Group’s position and performance as described on pages 9 to 13 and 32 to 39 • The Group’s business model as described on pages 20 and 21 • The Group’s strategy as described on pages 29 to 31 The independent reviewers were not major contributors to the Annual Report and Accounts but, at the same time, as members of the Executive Committee or other senior colleagues, are deemed to be sufficiently well informed on the Group’s activities to be able to give appropriate feedback on the FBU criteria. They undertake a qualitative review of disclosures and a review of internal consistency throughout the Annual Report and Accounts. The Directors’ statement on a fair, balanced and understandable Annual Report and Accounts is set out on page 123.
1 Financial information
4 Audit Committee Chair
2 Narrative disclosures
3 Independent reviewers
Fair, balanced and understandable The following process was followed by the Committee in making its assessment: 1. Financial information • Prepared by individual business units • Consolidated by Group finance team • Reviewed by Group Financial Controller and CFO 2. Narrative disclosures • Prepared by Group finance team • Reviewed by Group Financial Controller and CFO • Various reports prepared by Committee Chairs, CEO and CFO 3. Independent reviewers • Senior members of the Executive Committee or other senior colleagues • Those who have not been major contributors 4. Audit Committee Chair
Chris Batterham Chair, Audit Committee 14 September 2021
• Review of detailed verification documents • Review of findings and observations from independent reviewers
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NCC Group plc — Annual report and accounts for the year ended 31 May 2021
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