41 Finsbury Food Group Annual Report & Accounts 2018


Audit Committee Report


Audit Committee Effectiveness


In May 2018, the Committee performed a self-assessment of its effectiveness. Overall the Committee is effective but areas for improvement were identified in terms of extending the meeting times or adding in an additional meeting in the calendar.


Internal Audit A programme of rolling internal control and risk reviews was monitored by the Committee together with follow up actions required.


Risk Management and Internal Controls Group management prepared a report for the Committee’s consideration that identified the risks and uncertainties to which the Group is exposed, the procedures in place to mitigate those risks and uncertainties and the potential impact on the Group. The Committee reviewed this report and reported its views to the Board. Following this review, the Committee, is satisfied that the Group has in place effective internal control systems and risk management.


The principal risks and uncertainties to which the Group is exposed are set out in the Strategic Report on pages 1 to 28.


During the year the Audit Committee reviewed cyber security in four areas, network security, hardware and software maintenance/updates, disaster recovery and related controls and governance. Recommendations for improvements were made and are being implemented, including an annual security review.


During the year the Committee also reviewed Health and Safety procedures and policies including resources, training and communications. A new common safety management system has been implemented.


The Committee continues to keep under review the need for a separate dedicated internal audit function in the Group. The Committee remains satisfied that the Group’s system of internal control is appropriate for a Group of the size and nature of the Company and the Committee’s current view is that 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.


Bob Beveridge Chairman, Audit Committee


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