- Reviewed the financial statements in the 2008 Annual Report and Accounts and 2009 Half Year report, and received reports from the external auditors on those statements.
- Reviewed the basis for the preparation of the Group’s accounts on a going concern basis.
- Reviewed the significant disclosures contained in the financial statements.
- Reviewed the effectiveness of the Group’s internal controls based on reports received from management, Internal Audit and the external auditors and reviewed the proposed disclosures for the 2008 Annual Report and Accounts.
- Reviewed the Principal Risks and Uncertainties disclosed in the 2008 Annual Report and Accounts and 2009 Half Year report.
- Reviewed the market announcements which accompanied the 2008 Annual Report and Accounts and 2009 Half Year Report, as well as the 17 February 2009 market announcement relating to [IGD] Capital Surplus.
- Agreed the scope of audit work to be undertaken by the Group’s external auditors and the fees to be paid to the auditors for this audit work. Reviewed the non-audit work undertaken by the external auditors during the year and the non-audit fees paid to the auditors.
- Undertook a comprehensive review of the external auditors’ performance.
- Received quarterly reports from the Group Chief Internal Auditor on internal audit work undertaken, key findings, management response and the implementation of recommended actions.
- Reviewed the terms of reference for Internal Audit and evaluated the performance of the Internal Audit function.
- Received annual reports from the Group Tax Director and Group Treasurer.
- Reviewed the Committee’s terms of reference.
- Participated in training on key financial reporting matters relating to the preparation of the 2008 Annual Report and Accounts and received regular updates on developments in accounting and financial reporting matters.
On behalf of the Audit Committee
Henry Staunton
Audit Committee Chairman
