Lenovo 2015 Annual Report Download - page 88

86 Lenovo Group Limited 2014/15 Annual Report
AUDIT COMMITTEE REPORT
Review of financial
reporting:
• any proposed
changes to
accounting policies
• key assumptions,
judgements and
estimates
• key litigation and
legal exposures
STANDING ITEMS SPECIFIC ITEMS
May August / February November
Review of follow-up
items:
• minutes of previous
meeting
• reports on actions
taken or status of
follow-up items
arose from previous
meetings
Review of external
audit:
• scope of the audit
work
• significant audit
points
Review of internal
audit and controls:
• internal audit planning
methodology
• summary of
internal audit and
investigation
• non-audit services
provided by the
external auditor
• internal controls of
the Group including
key controls issues
• Interim results, including
review of:
- reports to the Audit
Committee from Chief
Financial Officer, Chief
Auditor and external
auditor
- draft interim report
- draft results
announcement
• Meeting with the external
auditor in the absence of
management
• Meeting with the Chief
Auditor and the General
Counsel in the absence of
management
• Recommendations to the
Board on interim results,
interim report and related
results announcement
• Quarterly results,
including review of:
- reports to the Audit
Committee from Chief
Financial Officer, Chief
Auditor and external
auditor
- draft results
announcement
• Review of the Ethics and
Compliance program of
the Group including the
whistleblowing arrangements
• Recommendations to the
Board on the quarterly
results and related results
announcement
• Annual results, including
review of:
- reports to the Audit
Committee from Chief
Financial Officer, Chief
Auditor and external
auditor
- draft annual report
incorporating directors’
report, corporate
governance report and
financial statements
- draft results
announcement
• Review of enterprise risk
management
• Review of the performance
and independence of
external auditor
• Review of annual agenda of
the Audit Committee
• Meeting with the external
auditor in the absence of
management
• Meeting with the Chief
Auditor and the General
Counsel in the absence of
management
• Recommendations to the
Board on:
- approval of the annual
results, annual report
and related results
announcement
- re-appointment of external
auditor
MAIN ACTIVITIES DURING FY2014/15
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; the oversight of external audit and the management of the Company’s
relationship with PwC. The timetable of the Audit Committee for the fiscal year 2014/15 is set out in the below
diagram.