Experian 2013 Annual Report Download - page 74
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Please find page 74 of the 2013 Experian annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.The Committee receives half-
yearly reports containing details of
assignments carried out by the external
auditors in addition to their normal work,
together with details of related fees.
The payment of non-audit fees to the
Company’s auditors is capped at 100%
of fees for audit and assurance services,
except in exceptional circumstances,
and an analysis of fees paid to the
external auditors for the year ended 31
March 2013 is set out in note 11 to the
Group financial statements.
External auditors
PricewaterhouseCoopers LLP have
been the Company’s auditors since
the Group was demerged from the
former GUS plc in October 2006. At
its September 2012 meeting, the Audit
Committee concluded that it remained
satisfied with the work of the auditors
in terms of its independence and level
of challenge to management. The
Committee also noted that there were
no material issues around the quality
of delivery of the audit, audit staff or
the level of service provided. Overall,
there were no significant recurring
items to suggest that the auditors
should change their approach and
there was nothing to indicate that an
effective audit had not been carried
out in respect of the year ended 31
March 2012. The Committee concluded
that the Group and the auditors had
complied with the guidance set out in
the UK Financial Reporting Council’s
Guidance on Audit Committees. To
date, the Committee has not considered
it necessary to require the auditors to
tender for the audit work, although it
does acknowledge the recommendation
in the new UK Corporate Governance
Code that FTSE 350 companies should
put the external audit out to tender at
least every ten years. The Group expects
to comply with the recommendation in
due course. There are no contractual
obligations restricting the Company’s
choice of external auditor.
PricewaterhouseCoopers LLP provide
a range of other services to Experian,
which include tax compliance and
advisory services. To ensure auditor
objectivity and independence, a policy
has been adopted by the Company
in relation to the provision of such
services, which includes financial
limits above which the Chairman of the
Audit Committee must pre-approve
any proposed non-audit services. In
addition to the policy, the external
auditors maintain safeguards to ensure
the objectivity and independence of
their service teams. The safeguards
include the rotation of the lead audit
engagement partner and the use of
separate teams, where appropriate.
There is also a policy in place in respect
of the employment of former employees
of the external auditor.
Policy on the provision of non-audit services
This policy has not been changed during the year, and remains appropriate for the Group. Provided that the provision of
such services does not conflict with the external auditors’ statutory responsibilities and ethical guidance, the following
types of services may be assigned to the external auditors:
Further assurance services: where the external auditors’ deep knowledge of the Group’s affairs means that they may be
best placed to carry out such work. This may include, but is not restricted to, shareholder and other circulars, regulatory
reports and work in connection with acquisitions and divestments.
Tax services: where the external auditors’ knowledge of the Group’s affairs may provide significant advantages which
other parties would not have. Where this is not the case, the work is put out to tender.
General: in other circumstances, the external auditors may provide services provided that proposed assignments are put
out to tender and decisions to award work are taken on the basis of demonstrable competence and cost effectiveness.
However, the external auditors are specifically prohibited from performing work related to accounting records and
financial statements that will ultimately be subject to external audit; management of or significant involvement in internal
audit services; any work that could compromise the independence of the external auditors; and any other work that is
prohibited by UK ethical guidance.
Corporate governance report continued
72 Experian Annual Report 2013 Governance