26 Finsbury Food Group Annual Report & Accounts 2016


Audit Committee Report


Role and Responsibilities of the Audit Committee The principal responsibilities of the Committee are to:


  


   • Recommend the appointment and/or reappointment of the external auditor and approve their terms of engagement.  • Implement and review policy on external auditor non-audit services. • Review and monitor the Group’s compliance with all regulatory legislation and current practice. • Report to the Board on how it has discharged its responsibilities.





 The Committee is chaired by me, and, the other member is Edward Beale, a Non-Executive Director. Edward Beale, a chartered accountant,  


   to hold discussions in private with the external auditor in the absence of management and Executive Directors.


External Auditor


   


 Committee. This enables the Committee to satisfy itself of the Auditor’s independence and objectivity.





 to manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable and not absolute assurance against material misstatement or loss.


 is exposed, the procedures in place to mitigate those risks and uncertainties and the potential impact on the Group. The Committee reviews this report and any concerns that it has over the adequacy of the controls in place, or the level of risk accepted by the Group, are reported to the Board. The principal risks and uncertainties to which the Group is exposed are considered by the Board and are set out in the Strategic Report on pages  The Committee continues to keep under review the need for a separate dedicated internal audit function in the Group. The Committee remains  a separate formal independent internal audit function is not required at this time. The Committee will monitor the situation closely as the Group continues to expand.


A programme of rolling internal control and risk reviews is monitored by the Committee which considers reports on these reviews at each meeting and monitors any follow up action that is required.


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