- Board of Directors
- and Company Secretary
- Corporate Responsibility Report
- Directors' Report
- Corporate Governance Report
- Audit Committee Report
- Nomination Committee Report
- Directors' Remuneration Report
- Independent Auditors' Report
Audit Committee Report
The Audit Committee presents a separate report in relation to the financial year ended 31 December 2008.
Composition of the Audit Committee
The Audit Committee comprises the three Non-Executive Directors, Rob Rowley (Chairman of the Audit Committee), Gerald Corbett and Michael Wemms. Rob Rowley and Michael Wemms are considered by the Board to be independent. Gerald Corbett was considered by the Board to be independent on appointment. Biographies of the members of the Audit Committee are set out here. Rob Rowley is a qualified accountant and was formerly finance director of Reuters plc and chairman of the audit committee at Prudential plc. He is currently chairman of the audit committee at Liberty International plc. The Board is satisfied that Rob Rowley has recent and relevant financial experience.
Operation of the Audit Committee
The Audit Committee met on four occasions during the financial year ended 31 December 2008. Details of the attendance at Audit Committee meetings are set out in the Corporate Governance Report.
The Chief Financial Officer, together with the external auditors, will normally attend meetings at the invitation of the Chairman of the Audit Committee. At each Audit Committee meeting, the external auditors are invited by the Audit Committee to advise them of any matters which they consider should be brought to the Audit Committee's attention without the Executive Directors present.
The Company Secretary acts as secretary to the Audit Committee. The members of the Audit Committee can, where they judge it necessary to discharge their responsibilities, obtain independent professional advice at the Company's expense. The external auditors may also request a meeting with the Audit Committee if they consider it necessary.
The Audit Committee's duties include:
- Reviewing the Group's Financial Statements and the material financial reporting judgements contained in them.
- Reviewing the Group's internal control and risk management systems.
- Advising the Board on the appointment and removal of the external auditors and the remuneration and terms of engagement of the external auditors.
- Developing and implementing policy on the engagement of the external auditors to supply non-audit services.
- Considering the requirement for an internal audit function.
- Reviewing the Group's whistleblowing procedures.
The terms of reference of the Audit Committee are published on the Group's website at www.moneysupermarket.com and are available in hard copy form on application to the Company Secretary.
The Audit Committee undertakes its activities in line with an annual work plan. The Audit Committee agrees the scope of the audit work and discusses the results of the full year audit and half year review each year.
In order that the Board is kept fully appraised of the Audit Committee's work, the Chairman of the Audit Committee reports on the Audit Committee's work at the next Board meeting. The Board also receives a copy of the minutes of each meeting of the Audit Committee.
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