Barclays 2014 Annual Report Download - page 45

barclays.com/annualreport Barclays PLC Annual Report 2014 I 43
Area of focus Reporting issue Role of the Committee Conclusion/action taken
Going concern
(see page 73 for
further information)
Barclays is required to confirm that
the going concern basis of
accounting is appropriate
Q Examined whether the going
concern basis of accounting was
appropriate by assessing the
Working Capital Report prepared by
management. This report covered
forecast and stress tested forecasts
for liquidity and capital compared
to regulatory requirements, taking
into account levels of provisioning
for PPI and possible further
conduct and litigation provisions
that may be required
Q After examining the forecast, along
with Barclays’ ability to generate
capital and raise funding in current
market conditions, the Committee
concluded that the liquidity and
capital position of the Group
remained appropriate and that there
were no material uncertainties
Fair, balanced and
understandable
reporting
(including country-
by-country reporting
and Pillar 3 reporting)
Barclays is required to ensure that its
external reporting is fair, balanced
and understandable
Q At the request of the Board,
established, via debate with and
challenge of management, whether
disclosures in Barclays’ published
financial reports were fair, balanced
and understandable
Q Evaluated the review and challenge
process that is in place to ensure
balance and consistency, including
the reports from the Disclosure
Committee on its assessment of
the content, accuracy and tone of
the disclosures
Q Obtained confirmation from the
Group Chief Executive and Group
Finance Director that they
considered the disclosures to be
fair, balanced and understandable
Q Examined the control environment
underpinning the integrity of
Barclays’ financial reports, including
the outputs of Barclays’ Turnbull
assessments and Sarbanes-Oxley
s404 internal control process
Q Confirmed the absence of any
indications of fraud relating to
financial reporting matters
Q Assessed disclosure controls and
procedures
Q Asked management to describe
and evidence the basis on which
representations to the external
auditors were made
Q The Committee requested work to be
done to further enhance the
presentation of Barclays’ disclosures
on legal, competition and regulatory
matters in Barclays’ external financial
reports to ensure they remain
accessible for a non-expert user
Q It supported the proposal from
management to make changes in the
presentation of Barclays’ half-year
results so that they were easier to
understand
Q It also concluded that additional
information on country-by-country
tax reporting should be disclosed
publicly in the interests of openness
and transparency
Q The Committee satisfied itself that the
processes underlying the preparation
of Barclays’ published financial
reports supported the aim of ensuring
that those reports were fair, balanced
and understandable. In relation to the
2014 Annual Report and Financial
Statements, the Committee
concluded that the disclosures and
process underlying their production
were appropriate and recommended
to the Board that the 2014 Annual
Report and Financial Statements are
fair, balanced and understandable
The Strategic Report Governance Risk review Financial review Financial statements Shareholder information