Strategic Report
Governance Report
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Internal audit
in their role. No material issues were raised during the course of the year. The Committee agreed the external audit and assurance fees and reviewed the audit engagement letter. Details of the auditors’ remuneration is provided in Note 7 to the Consolidated financial statements included within the Annual Report and Accounts. The Audit Committee is satisfied that PwC has conducted an effective audit for the year ended 30 June 2024.
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 Audit 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. Financial reporting The Committee reviewed the areas of judgement set out below in relation to the Group’s Annual Report and Accounts for the year ended 30 June 2024. Discussions were held with management throughout the year and the Committee is comfortable the Consolidated financial statements included within the Annual Report and Accounts address the judgements and estimates applied, as well as the disclosures agreed. These significant judgement areas were also reviewed with the external auditors with the Committee’s conclusions being in line with those of the auditors.
The Group has outsourced its internal audit function to KPMG since September 2018. KPMG formally reports to James Rawlingson, Chair of the Audit Committee, with the Chief Risk Officer, being the principal point of day- to-day contact. A risk-based audit plan is developed by the Audit Committee and KPMG, with input from the Risk and Compliance Committee, the CEO, the Chief Financial Officer and the Chief Risk Officer, seeking to provide assurance in areas of high risk and of importance across the industry. The plan is reviewed by the Audit Committee at regular intervals, taking into account any changes in areas deemed high risk.
Independence and non-audit services
The Audit Committee recognises the fact that, given their knowledge of the business, there are advantages in using PwC and KPMG 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
External audit The Group’s external auditors are
PricewaterhouseCoopers LLP (“PwC”), who have been engaged since 2011. Jeremy Jensen is the audit partner in charge of the Group’s audit, with the current year being his fourth year. As an AIM-listed company, Brooks Macdonald is not required to rotate its audit firm after 10 years, although the Group will assess undertaking a tender process when it feels the time is appropriate. During the year, the Audit Committee monitored the Group’s policy on external audit and evaluated and reviewed the independence and effectiveness of PwC
Brooks Macdonald Group plc Annual Report and Accounts 2024
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