session exchange of views Does the Committee/its Chairperson meet c. separately (in closed session) with the external auditor at least once a year? Y When new Does the Committee’s advisory role include auditors are d. participation in the process to appoint the selected, the AC external auditor? Y is consulted Does the Committee consider the experience Informally but e. and expertise of the external team? N not specifically Does the Committee consider whether the external audit Director/partner will spend f. sufficient time on the audit, and whether Via review of time to be spent by other audit staff seems planning reasonable? Y intentions Does the Committee monitor external audit’s compliance with professional ethical guidance g. relating to the rotation and terms of an External Auditor? Y Informally done Does the Committee review the external h. audit plans, outputs and management letters? Y Does the Committee seek specific assurance regarding external quality assurance i. procedures when considering their audit strategy? Y Informally Do the external auditors inform the j. Committee of key developments and issues at key stages of the Y Does the Committee make suggestions to the external auditors regarding the risks and k. potential problem areas the audit could address? Y Does the Committee consider whether l. external audit focuses on the fundamental issues? Y Does the Committee consider whether the m. external auditors have delivered fully against their plans? Y Via review of Does the Committee monitor the n. activity and performance of external Y outputs o. Does the Committee review audit fees? Y 1.5 With stakeholders Does the Committee/its Chairperson have a. open lines of communication with AC Chairperson and EC? Y reports to EC Is the Committee’s membership approved b. and included in the reports of sessions of the Executive Council? Y
session exchange of views c. Does the Committee/its Chairperson meet separately (in closed session) with the external auditor at least once a year? Y d. Does the Committee’s advisory role include participation in the process to appoint the external auditor? Y When new auditors are selected, the AC is consulted e. Does the Committee consider the experience and expertise of the external team? N Informally but not specifically f. Does the Committee consider whether the external audit Director/partner will spend sufficient time on the audit, and whether time to be spent by other audit staff seems reasonable? Y Via review of planning intentions g. Does the Committee monitor external audit’s compliance with professional ethical guidance relating to the rotation and terms of an External Auditor? Y Informally done h. Does the Committee review the external audit plans, outputs and management letters? Y i. Does the Committee seek specific assurance regarding external quality assurance procedures when considering their audit strategy? Y Informally j. Do the external auditors inform the Committee of key developments and issues at key stages of the Y k. Does the Committee make suggestions to the external auditors regarding the risks and potential problem areas the audit could address? Y l. Does the Committee consider whether external audit focuses on the fundamental issues? Y m. Does the Committee consider whether the external auditors have delivered fully against their plans? Y n. Does the Committee monitor the performance of external Y Via review of activity and outputs o. Does the Committee review audit fees? Y 1.5 With stakeholders a. Does the Committee/its Chairperson have open lines of communication with and EC? Y AC Chairperson reports to EC b. Is the Committee’s membership approved and included in the reports of sessions of the Executive Council? Y
EC-69-INF16-1(2)-REPORT-AUDIT-COMMITTEE_en.docx