Lenovo 2013 Annual Report Download - page 69

2012/13 Annual Report Lenovo Group Limited 67
The Audit Committee’s terms of reference which clearly
deal with its membership, authority, duties and frequency
of meetings are published on the websites of the Company
and Hong Kong Exchanges and Clearing Limited. The Audit
Committee is authorised to obtain outside legal or other
independent professional advice in performing its duties
at the Company’s expense. No request was made by any
member for such advice during the year.
The Audit Committee meets with external auditor and
management of the finance and internal audit functions of
the Company at least four times a year at quarterly intervals
and is provided with sufficient resources to perform its
duties. The General Counsel and other relevant people from
the business are also invited to attend certain meetings in
order to provide insight and enhance the Audit Committee’s
awareness of key issues and developments.
In addition, separate executive sessions were arranged
for the Audit Committee to meet with external auditor,
internal auditor and General Counsel in the absence of
management to discuss matters relating to any issues
arising from the audit and any other matters such persons
would like to raise. After each Audit Committee meeting,
the chairman will report to the Board on its decisions or
recommendations.
SUMMARY OF WORK DONE
In the fiscal year ended March 31, 2013, the Audit
Committee held four meetings, with all members in
attendance at each meeting. The attendance record of the
Audit Committee’s members is set out in the Corporate
Governance Report on page 51.
The work of the Audit Committee follows an agreed annual
work plan and principally falls under three main areas:
financial reporting; internal audit and controls; and the
oversight of external audit and the management of the
Company’s relationship with PwC. The chart shows how
the Audit Committee allocated its time during the fiscal year
2012/13.
Audit Committee
Allocation of agenda time
15%
20%
Financial reporting
Internal audit and controls
External audit, engagement and polices
Others (including governance, tax
and treasury)
40%
25%
At its four meetings during the year, the Audit Committee:
FINANCIAL REPORTING
• Reviewed and recommended to the Board for
approval the audited financial results of the Company
and its subsidiaries (collectively, the “Group”) for
the year ended March 31, 2012 together with
the related annual results announcement and the
annual report incorporating the directors’ report and
corporate governance report after discussion with the
management and external auditor;
• Reviewed and recommended to the Board for approval
the unaudited interim financial results of the Group for
the six months ended September 30, 2012 together
with the related interim results announcement and the
interim report after discussion with the management
and external auditor;
• Reviewed and recommended to the Board for
approval the unaudited financial results of the Group
for the three months ended June 30, 2012 and for the
nine months ended December 31, 2012 together with
its respective results announcements after discussion
with the management and external auditor;