Lenovo 2014 Annual Report Download - page 71
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69
2013/14 Annual Report Lenovo Group Limited
AUDIT COMMITTEE REPORT
THE AUDIT COMMITTEE
The audit committee (the “Audit Committee”) of the board of directors (the “Board”) of Lenovo Group
Limited (the “Company”) has been established since 1999 and as at the date of this annual report, is comprised of
three members, all of whom including the Audit Committee chairman are independent non-executive directors.
The members who held office during the year and up to the date of this annual report are:
Chairman Mr. Nicholas C. Allen Independent non-executive director
Member Mr. Ting Lee Sen Independent non-executive director
Member Ms. Ma Xuezheng Independent non-executive director
The chairman, Mr. Allen has appropriate professional qualifications being a member of the Institute of Chartered
Accountants in England and Wales and a member of Hong Kong Institute of Certified Public Accountants, and
experience in accounting or related financial management expertise as required under the Rules Governing the Listing
of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”). More information on the skills and
experience of the members of Audit Committee may be found in the directors’ biographies set out on pages 105 to
108 of this annual report.
RESPONSIBILITIES
The Audit Committee is responsible for assisting the Board in carrying out its responsibilities in relation to financial
reporting requirements, risk management and the assessment of internal controls. It also reviews the effectiveness of
the Company’s internal audit function and manages the Company’s relationship with PricewaterhouseCoopers (“PwC”),
the external auditor. It acts in an advisory capacity and makes recommendations to the Board. The main responsibilities
of the Audit Committee can be grouped into below different areas of competency:
Financial Reporting
• The quality and acceptability of accounting policies and practices
• The clarity of the disclosures and compliance with financial reporting standards
• Material areas in which significant judgements have been applied
Internal Audit and Controls
• Effectiveness of internal control system
• Scope of the internal audit work
• Analysis of main areas of risk
• Efficiency of internal audit function
External Audit, Engagement and Policies
• Appointment and remuneration
• Scope of the audit work
• Independence requirements
• Significant audit points
• Assessment of performance of external auditor
Others
• Tax and treasury matters
• Key litigation and legal exposure
• Compliance with ethical rules and concerns
AUDIT
COMMITTEE
Main areas of oversight