Lenovo 2015 Annual Report Download - page 89

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2014/15 Annual Report Lenovo Group Limited
Audit Committee
Allocation of agenda time
FY2014/15 FY2013/14
Financial reporting 44% 44%
Internal audit and controls 17% 17%
External audit matters and
engagement
16% 16%
Others (including compliance,
tax and treasury matters)
23% 23%
44%
17%
16%
23%
FINANCIAL REPORTING
With the support of the external auditor, the Audit Committee assessed whether suitable accounting policies had
been adopted, whether management had made appropriate estimates and judgements and whether disclosures
were in compliance with the financial reporting standards. The Audit Committee:
• 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, 2014 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, 2014 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, 2014 and for the nine months ended December 31, 2014 together with its respective
results announcements after discussion with the management and external auditor;
• Received reports from and met with external auditor and internal auditor to discuss the scope of their review and
findings;
• Reviewed and discussed with management on significant judgements and key assumptions together with
presentational and disclosure issues associated with accounting standards and interpretive guidance affecting
the Group’s financial statements and financial results announcements; items reviewed and discussed included
(a) the accounting treatment for acquisitions; (b) the purchase price allocation following the acquisitions; (c) the
accounting treatment on the Group’s goodwill and (d) the accounting provisions and treatments for warranty
provision, indirect tax receivables, inventories and employees benefits plans;
• Reviewed worldwide accounting and finance business transformation organization of the Group;
In the fiscal year ended March 31, 2015, 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 66 and the chart below shows how the Audit Committee allocated its time during the fiscal year
2014/15.
The main matters and areas that the Audit Committee reviewed and considered at its four meetings during the year
were as follows: