Audit Committee report.

Audit Committee report.
Julia Wilson, Chairman Audit Committee (photo)
“The Committee has a key role in ensuring the integrity of the financial statements and the effectiveness of risk management processes and internal control. 2013 has seen significant developments in the regulatory backdrop underpinning these responsibilities and the Committee has focused on the need for the annual report to be “fair, balanced and understandable”, and the development of the new code for internal audit in the financial services sector, in particular.”


All members of the Committee are independent non-executive directors and the Board and Committee’s own evaluations during the year found that the Committee members have the knowledge and skills to effectively fulfil their responsibilities.



Julia Wilson

Committee member since 9 November 2011, Chair since 22 May 2013

Mike Fairey

Committee member since 1 May 2011

Lindsay Tomlinson

Committee member since 31 July 2013

Other attendees at Committee meetings include: the group Chairman, group chief executive, group chief financial officer, group chief risk officer, group financial controller, group chief internal auditor, UK actuary and representatives of the external auditor, PricewaterhouseCoopers LLP.

The Committee met four times during 2013. The Committee’s terms of reference are reviewed annually and the current terms of reference, reviewed in November 2013, are available on our website.

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