Ryanair 2012 Annual Report Download - page 13

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13
Accountability and audit
The directors have set out their responsibility for the preparation of the financial statements on page 28 to 29.
They have also considered the going concern position of the Company and their conclusion is set out on page 25.
The Board has established an Audit Committee whose principal tasks are to consider financial reporting and
internal control issues. The Audit Committee, which consists exclusively of independent non-executive directors,
meets at least quarterly to review the financial statements of the Company, to consider internal control procedures
and to liaise with internal and external auditors. In the year ended March 31, 2012 the Audit Committee met on six
occasions. On a semi-annual basis the Audit Committee receives an extensive report from the internal auditor
detailing the reviews performed in the year, and a risk assessment of the Company. This report is used by the
Audit Committee and the Board, as a basis for determining the effectiveness of internal control. The Audit
Committee regularly considers the performance of internal audit and how best financial reporting and internal
control principles should be applied.
In addition, the Audit Committee has responsibility for appointing, setting compensation and overseeing the
work of the independent auditor. The Audit Committee pre-approves all audit and permissible non-audit services
provided by the independent auditor.
Social, environmental and ethical report
See pages 101 to 102 of the Annual Report for details of employee and labour relations.
See pages 75 to 76 of the Annual Report for details on environmental matters.
See page 128 of the Annual Report for details of Ryanair‘s Code of Ethics.
Air safety
Commitment to air safety is a priority of the Company. See page 65 of the Annual Report for details.
Critical accounting policies
Details of the Company‘s critical accounting policies are set forth on pages 81 to 82 of the Annual Report.
Subsidiary companies
Details of the principal subsidiary undertakings are disclosed in Note 27 on page 185 of the consolidated
financial statements.
Political contributions
During the financial years ended March 31, 2012, 2011 and 2010 the Company made no political
contributions which require disclosure under the Electoral Act, 1997.
Corporate Governance Statement
The Corporate Governance Statement on pages 15 to 26 forms part of the Directors‘ Report.
Post balance sheet events
Details of significant post balance sheet events are set forth in Note 26 on page 184 of the consolidated financial
statements.
On June 19, 2012 Ryanair announced its intention to make an all cash offer of €1.30 per share for the entire
issued share capital of Aer Lingus Group plc.
Auditor
In accordance with Section 160(2) of the Companies Act 1963, the auditor KPMG, Chartered Accountants,
will continue in office.