To approve and subsequently recommend to the Board

  1. the financial statements of the Company, including its annual and interim reports, preliminary results announcements and any other formal announcement relating to its financial performance;  
  2. (to be put to shareholders for approval at the AGM) the appointment, reappointment and removal of the external Auditor, and the remuneration and terms of engagement of the external Auditor. The Committee shall oversee the selection process for new auditors in accordance with applicable Code and regulatory requirements, ensuring that all tendering firms have access to all necessary information and individuals during the tendering process and if auditors resign the Committee shall investigate the issues and circumstances leading to this and decide whether any action is required;
  3. the external Auditor’s remuneration, whether fees for audit or non-audit services and that the level of fees is appropriate to enable an adequate audit to be conducted;
  4. the external Auditor’s terms of engagement, including any engagement letter issued at the start of each audit (ensuring that it has been updated to reflect changes in the circumstances arising since the previous year) and the scope of the audit;
  5. agree with the Board a policy on the employment of former employees of the Company’s auditor, taking into account ethical standards and legal requirements, and monitor the application of this policy any proposals it deems appropriate on any area within its remit where action or improvement is needed, and;
  6. if an independent, third party review of the internal audit processes is required