Experian 2010 Annual Report Download - page 66

Experian Annual Report 2010 Governance64
Audit Committee report
Members
The Audit Committee comprised the
following non-executive directors during
the year:
Alan Jebson (Chairman)
Fabiola Arredondo
Laurence Danon
(resigned on 31 December 2009)
Roger Davis
Sir Alan Rudge
David Tyler
Meetings
The Committee met four times during
the year ended 31 March 2010, with
meetings held to coincide with key dates
in the nancial reporting and audit cycle.
Primary roles
To monitor the integrity of the –
nancial statements.
To review the effectiveness of the –
system of internal control including
the risk management systems.
To review the effectiveness of the –
audit process and the independence
and objectivity of the external
auditors.
To monitor and review the –
effectiveness of the internal audit
function.
To develop and implement policy on –
non-audit services to be provided by
the external auditors.
To approve the remuneration –
and terms of engagement of
the external auditors and make
recommendations in relation to their
re-appointment.
Corporate governance statement (continued)
Governance
The Audit Committee was in place
throughout the year ended 31 March
2010. All members of the Committee
are considered by the Board to be
independent non-executive directors
in compliance with provision C.3.1 of
the Combined Code. The Chairman
and the executive directors attend
meetings by invitation. Other regular
attendees include the Global Executive
Vice President Legal and Regulatory
Risk and the Head of Global Internal
Audit. The lead audit partner from
PricewaterhouseCoopers LLP
also attends all meetings. Other
PricewaterhouseCoopers staff are
invited to attend meetings where their
particular expertise can be utilised. At
each meeting, the Committee meets
with the external auditors and the
Head of Global Internal Audit without
management present.
David Tyler, a committee member,
provides recent and relevant nancial
experience and also provides an in-
depth knowledge of Experian’s business.
The Board is condent that the collective
international business experience of
the Committee members enables them
to act as an effective committee. The
Committee has access to the nancial
expertise within the Group and the
auditors and the Chairman of the Audit
Committee is in regular contact with key
members of senior management.
Activities
The activities of the Audit Committee
during the year ended 31 March 2010
included the following:
Reviewed the 2009 preliminary and –
half-year results announcements
and the 2009 annual report and
accounts.
Assessed critical policies and –
practices and management and
accounting judgments.
Reviewed the control of nancial –
and business risks, the nature and
scope of the work performed by
internal and external auditors, the
results of this audit work and the
responses of management.
Assessed the resources, –
organisational structure and
operational effectiveness of the
internal audit function, together
with management’s response
to the ndings, and evaluated
the performance of the internal
audit function, conrming that it
continued to perform effectively.
Reviewed a variety of reports –
on risk, as more fully described
in the internal control and risk
management section of this
statement.
Reviewed the effectiveness of the –
Group’s system of internal control,
including nancial, operational,
compliance and risk management on
an ongoing basis.
Made a recommendation to the –
Board (for shareholder approval) in
relation to the re-appointment of the
external auditors and considered
their engagement terms.
Reviewed other services provided by –
the external auditors, evaluated their
performance and monitored their
independence, concluding that they
had maintained their independence
throughout the year ended 31 March
2010.
Reviewed and recommended to the –
Board the treasury policy of the
Group.
Evaluated its own performance –
and concluded that its terms of
reference remained appropriate.
Alan Jebson,
Chairman of Audit Committee 65