Tesco 2014 Annual Report Download - page 36

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Audit Committee responsibilities
The Committee’s terms of reference can be found at
www.tescoplc.com. Ken Hanna, Mark Armour, Patrick Cescau and
Gareth Bullock all have recent and relevant financial experience.
The key responsibilities of the Committee are to:
•Consider the appointment of the external auditors, their
reports to the Committee and their independence, including
an assessment of their appropriateness to conduct any
non-audit work
•Review the financial statements and announcements
relating to the financial performance of the Company
•Review the internal audit programme and ensure that the
Internal Audit function is adequately resourced and has
appropriate standing within the Company
•Discuss with the external auditors the nature and scope
of the audit
•Review, and challenge where necessary, the actions and
judgements of management, in relation to the interim and
annual financial statements before submission to the Board
•Review formally the effectiveness of the external and internal
audit processes
•Consider management’s response to any major external or
internal audit recommendations
•Review the Company’s plans for business continuity
•Review the Company’s plans for the prevention and detection
of fraud, bribery and corruption
• Report to the Board on how it has discharged its responsibilities
Audit Committee attendance
Members
Number of possible
meetings attended
Actual meetings
attended
Ken Hanna (Chairman) 5 5
Mark Armour*2 2
Patrick Cescau 5 5
Gareth Bullock 5 5
* Appointed to the Audit Committee on 2 October 2013
The Audit Committee has an integral role in providing confidence
in the integrity of the Company’s processes and procedures
inrelation to internal control, risk management and corporate
reporting. The Committee’s role continues to be increasingly
challenging due to the changes and uncertainty in the regulatory,
economic and political environment in which the business operates.
This year, pursuant to the new requirements under the UK
Corporate Governance Code (the ‘Code’) the Committee was
requested by the Board to support it in assessing whether the
report and accounts were fair, balanced and understandable
and provide sufficient information to allow an assessment of the
Company. The Code also required new specific disclosures to be
made on the work of the Committee, including significant issues
which it has considered in relation to the financial statements
and how these have been addressed.
During the year the Committee was pleased to welcome Mark
Armour as a member. He brings with him a wealth of financial
and wider experience gained over many years in business.
The Committee is also pleased to welcome Olivia Garfield as
a member with effect from 1 April 2014.
Ken Hanna
Audit Committee Chairman
Audit Committee Report
Ken Hanna
Audit Committee Chairman
Other information
Governance Financial statementsStrategic report
Tesco PLC Annual Report and Financial Statements 2014 33