|John McConnell||Alan Gillespie||Terry Neill||Greg Lock|
The Audit Committee is chaired by John McConnell and its other members are Alan Gillespie, Greg Lock, Terry Neill, and Jonathan Newcomb. Members of the committee have broad financial experience which has been gained in a variety of disciplines, and which the Board considers appropriate to enable the committee to carry out its responsibilities. The company secretary is secretary to the committee and others invited to attend committee meetings include the chief financial officer, group financial controller, head of internal audit, head of taxation and the external auditors. The committee meets at least three times a year, and the committee chairman also meets periodically with external auditors without management present.
The Chairman of the Audit Committee provides an oral report to the Board following each Committee meeting and the minutes and Committee papers are available to other Board members. The Company Secretary is secretary to the Committee and others invited to attend its meetings include the Chairman, Chief Financial Officer, Group Chief Accountant, Head of Internal Audit, Head of Taxation and the Group’s external auditors. At each meeting the Committee meets with external auditors without management present.
The principal duties of the Audit Committee are:
The primary responsibilities of the Audit Committee are the oversight of UBM’s financial reporting, risk management and internal control procedures, and the work of internal audit and external audit. The Committee’s main responsibilities, as set out in its terms of reference, are to review and advise the Board on:
- the interim and annual financial statements, the accounting policies applied and whether significant judgements are sound;
- the Annual Report and Accounts to assess that it is fair, balanced and understandable;
- the effectiveness of the internal control environment and risk management procedures, including the whistle-blowing policy; and
- the activities and findings of the internal audit function.
In addition, the Committee is responsible for:
- • reviewing and approving the scope of external audit work and considering the audit findings;
- • ensuring the external auditor is effective and independent;
- • monitoring compliance with the policy on non-audit services; and
- • making recommendations to the Board on external auditor remuneration and reappointment.
The Audit Committee terms of reference include all matters indicated in the Disclosure and Transparency Rule 7.1 and the Code and can be found on our website. The Chairman reports regularly to the Board on the activities the Committee has undertaken.
Click here to view the Audit Committee Terms of Reference