Carphone Warehouse 2016 Annual Report Download - page 47

Dixons Carphone plc Annual Report and Accounts 2015/16
Corporate Governance
45
Assurance
•Annual minimum control questionnaires, which require
attestation that controls are being operated, are completed
by all Dixons Carphone operations.
•An ongoing programme of control improvement is underway
in each business unit to enhance control operation as the
unit evolves.
•An internal audit function provides the Audit Committee with
an independent assessment of the Group’s system of
internal control, through reviewing how effectively key risks
are being managed, and assists management in the effective
discharge of its responsibilities by carrying out independent
appraisals and making recommendations for improvement.
•Certain aspects of the Group’s activities are also subject to
regulatory control by external bodies such as the FCA.
•The operation of a 24/7 whistleblowing hotline to enable
reporting of breaches of ethical or policy requirements.
•External audit conducts statutory audits across our
operations.
Statement on risk management and internal control
The system of risk management and internal control described
in this Report was in place and effective throughout the period
under review and up to the date of approval of the Annual
Report and Accounts 2015/16.
The effectiveness of these systems is regularly monitored and
reviewed by the Audit Committee and the systems refined as
necessary to meet changes in the Group’s business and
associated risks.
The Audit Committee is supported by the internal audit
function which provides an independent opinion on the
operation of controls through the delivery of its audit
programme. The system of risk management and internal
control can only provide reasonable and not absolute
assurance against material errors, losses, fraud or breaches of
laws and regulations.
The Board has carried out a robust assessment of the principal
risks facing the Company, including those that would threaten
its business model, future performance, solvency or liquidity. A
description of these risks, together with details of how they are
managed or mitigated, is set out on pages 20 to 23. The Board
also monitored the Company’s system of risk management
and internal control and has, at least once a year, conducted a
review of their effectiveness. The review covered all material
controls during the year and up to the date of the approval of
the Annual Report and Accounts 2015/16 which was approved
by the Audit Committee and the Board.
Assurance provision
Board
•Responsible for risk management and internal control
•Defines Dixons Carphone risk appetite
•Reviews and approves the business risk profile
Audit Committee
•Reviews the effectiveness
of risk management and
internal control
•Approves the annual internal
and external audit plans
•Considers the internal audit
reviews across the Group
Group Risk & Compliance
Committee
•Reviews Group and business
unit risk profiles
•Monitors the management
of key risks
•Considers new and
emerging risks
Executive Committee
•Accountable for the
implementation of the risk
management process and the
operation of the internal control
environment
Supported by
Group Director
of Risk Internal audit Business unit risk committees
and champions
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