Audit Committee report
The Audit Committee’s areas of focus Financial reporting
• Reviewed the Interim and Annual Report and Accounts, ensuring these are fair, balanced and understandable for shareholders and other end users; • Reviewed the policies, key assumptions and judgements applied in the preparation of the Interim and Annual Report and Accounts, including the external auditors’ feedback on financial reporting changes and the Group’s financial controls; • Reviewed the estimated recoverable amount for the International business including review of the underlying assumptions in computing the associated goodwill impairment, and reviewed the associated impairment disclosures in the Interim and Annual Report and Accounts; • Reviewed the overall presentation of alternative performance measures (“APMs”) to ensure they are not given undue prominence, reviewed the nature of the adjusting items excluded from the statutory results and evaluated the clarity and explanations of APM reconciliations; • Reviewed the key reporting considerations for the Group’s Interim and Annual Report and Accounts presented by management with reference to the Financial Reporting Council thematic reviews issued during the year on fair value measurement and corporate reporting; and • Reviewed the Group’s going concern assumptions and the Viability statement. • Approved the annual external audit plan, the terms of reappointment, remuneration, and Terms of Engagement; • Provided oversight of the Group’s external auditors, PricewaterhouseCoopers LLP (“PwC”), including assessing their independence, objectivity and effectiveness; • Reviewed audit findings, including key issues, accounting and audit judgements and recommendations, guidance and observations around the Group’s internal controls environment; and • Reviewed management representation letters and associated responses. • Reviewed, assessed and agreed an internal audit plan alongside the Group’s internal auditors, KPMG. Monitored and reviewed the effectiveness of the plan and its alignment to key risks; • Provided oversight of the internal auditors and considered and approved the scope of each engagement; • Reviewed the results of individual internal audit reports and considered the effectiveness of actions agreed with management; and • Received regular summary reports from the internal auditors, including their conclusions on the changes to controls and processes made by management. • Maintained reviews of the adequacy and effectiveness of the Group’s internal financial controls and, as required, worked with the Risk and Compliance Committee to confirm the adequacy and effectiveness of the Group’s internal control and risk management systems;
External audit
Internal audit
Control oversight
• Reviewed and considered CASS-related matters, including PwC’s and KPMG’s CASS audit findings; and • Reviewed and approved the Group’s policy on non-audit services (for both external and internal audit).
Routine matters
• The Committee reviewed the Group’s TCFD climate risk disclosure summary included within the Annual Report and Accounts to ensure it met key statutory and regulatory obligations with clear cross-referencing to the full TCFD report on the Group’s website; • Reviewed and updated the Committee’s Terms of Reference in line with the updated UK Corporate Governance Code published in January 2024. The Committee is committed to high standards of corporate governance and is in support of these changes; and • Reviewed the Committee’s composition and minutes of prior meetings.
72 Brooks Macdonald Group plc Annual Report and Accounts 2024
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