Lenovo 2014 Annual Report Download - page 73
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71
2013/14 Annual Report Lenovo Group Limited
MAIN ACTIVITIES DURING FY2013/14
The work of the Audit Committee follows an agreed annual work plan and principally falls under three main areas:
financial reporting; internal audit and controls; the oversight of external audit and the management of the Company’s
relationship with PwC. The timetable of the Audit Committee for fiscal year 2013/14 is set out in the below diagram.
Review of financial
reporting:
• any proposed
changes to
accounting policies
• key assumptions,
judgements and
estimates
• key litigation and
legal exposures
STANDING ITEMS SPECIFIC ITEMS
May August / February November
Review of internal
audit and controls:
• internal audit
planning
methodology
• summary of internal
audit and
investigation
• non-audit services
provided by the
external auditor
• internal controls of
the Group including
key control issues
Review of external
audit:
• scope of the audit
work
• significant audit
points
Review of follow-
up items:
• minutes of
previous meeting
• reports on actions
taken or status of
follow-up items
arose from
previous meeting
• Interim results including
review of:
– reports to the Audit
Committee from Chief
Financial Officer, Chief
Auditor and external auditor
– draft interim report
– draft results announcement
• Meeting with the external
auditor in the absence of
management
• Meeting with the Chief Auditor
and the General Counsel in the
absence of management
• Recommendations to the
Board on interim results,
interim report and related
results announcement
• Quarterly results, including
review of:
– reports to the Audit
Committee from Chief
Financial Officer, Chief
Auditor and external auditor
– draft results announcement
• Review of the Ethics and
Compliance program of the
Group including the
whistleblowing arrangements
• Recommendations to the
Board on the quarterly
results and related results
announcement
• Annual results, including
review of:
– reports to the Audit
Committee from Chief
Financial Officer, Chief
Auditor and external auditor
– draft annual report
incorporating directors’
report, corporate
governance report and
financial statements
– draft results announcement
• Review of enterprise risk
management
• Review of the performance
and independence of external
auditor
• Review of annual agenda of
the Audit Committee
• Meeting with the external
auditor in the absence of
management
• Meeting with the Chief Auditor
and the General Counsel in the
absence of management
• Recommendations to the
Board on:
– the annual results, annual
report and related results
announcement
– re-appointment of external
auditor