BT 2010 Annual Report Download - page 65
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63BT GROUP PLC ANNUAL REPORT & FORM 20-F
ADDITIONAL INFORMATION FINANCIAL STATEMENTS REPORT OF THE DIRECTORS REVIEW OF THE YEAR OVERVIEW
the Annual Report and Form 20-F, full year results
announcements and related formal statements
corporation tax provisions
accounting estimates and judgements
review of the internal control requirements under the Combined
Code and Sarbanes-Oxley
annual report on the performance of the Internal Audit function
and year end Corporate Summary report
annual update on ‘whistleblowing’, litigation trends and major
litigation report
external auditors’ report.
July:
review of the external and internal auditors’ effectiveness
first quarter results, announcement and related formal
statements
BT Security update.
September:
review of internal audit effectiveness.
November:
review of fees for audit and non-audit services
review of the line of business Audit Committees
enterprise risk management review
half year results, announcement and related formal statements
external audit plan
BT Global Services major contracts review
review of internal control requirements under the Combined
Code and Sarbanes-Oxley
forward strategy for Internal Audit.
REPORT OF THE DIRECTORS REPORT OF THE AUDIT COMMITTEE
February:
third quarter results, announcement and related formal
statements
internal audit review update
risk management agenda for 2010/11
external auditors’ quarterly report
annual review of accounting policies
review of the operation of Sarbanes-Oxley s404 processes.
The Committee evaluated its performance and processes by inviting
Committee members, key executives and the external auditors to
complete questionnaires. This formed part of the annual Board and
Committee evaluation. The results showed that the Committee
continued to be effective in terms of both behaviours and processes
but highlighted the need to understand better the risks inherent in
and the accounting for major BT Global Services contracts and to
focus more on the adequacy of risk mitigation plans. As a result,
and having considered the recommendation in the ‘Walker Review’
about establishing a risk committee, the annual meeting schedule
of the Committee has changed to include an additional meeting
and for risk management to be given special attention at the July
and February meetings. The Committee will monitor the position to
assess whether a separate risk committee is needed going forward,
given the complex nature of BT’s business. The Committee also
undertook a review of the Internal Audit function during the year,
which focused on direction, experience and skill set, and the
appropriateness of the methodologies and tools used. In response
to the findings, the Committee approved an action plan to address
the areas highlighted for improvement.