102 SUMMARY CONSOLIDATED FINANCIAL STATEMENTS
REPORT FROM THE CHAIRMAN OF THE AUDIT COMMITTEE
It is an honour to be presenting my report as the Chairman of the Audit Committee. My involvement with the ICC Audit Committee dates back to 2017 with my appointment as Audit Committee Chairman in September 2018.
The ICC Audit Committee met on three occasions during the period of this report, 1 June 2018 to 31 May 2019. The Committee continued to focus on ensuring that the ICC’s internal systems and controls are effective and responsive to a challenging external environment while evolving in line with an ever-increasing need to be efficient in all operational matters. The Committee continued to discuss a number of important issues, including Corporate taxation, which remains a high-risk area in a multi-jurisdictional and geographically widespread organisation, such as the ICC.
As per the Committee’s Terms of Reference, as members, we are required to review the Audited Financial Statements and External Auditor’s report and make appropriate recommendations. At our last meeting in April 2019, we reviewed and discussed the report and draft statements for the period from 1 January 2018 to 31 December 2018. The review included the assessment of the accounting principles used, signicant estimates made, auditor’s independence and overall presentation of the Financial Statements.
One of our core roles is to assess the objectivity and independence of the External Auditors and highlight any conflicts of interest. We confirm that we had met the ICC External Auditorswithout the management present and periodically evaluated their performance and independence, and the impact of any non-audit services on their objectivity.
At the first meeting each year, we also endorse Statement of Internal Control (issued by the management) to the Board in order to provide reasonable assurance to the Board regarding the adequacy and effectiveness of the internal control framework. This Statement is prepared after due consideration of the results of the audits undertaken by the Internal Audit function, the extent of implementation of audit recommendations, the integrity of ICC’s risk management process, minutes of key ICC Committees, and knowledge gained from any other pertinent reviews performed during the respective period.
Finally, I wish to conclude by expressing the Committee’s gratitude to the Chairman, Directors, and Management, who have shown the utmost cooperation in working with us and extending their assistance.
For the Audit Committee
YUVRAJ NARAYAN Chairman
Dubai, 26 April 2019
“The Audit Committee (the “Committee”) has been established by the ICC Board to monitor the integrity of the financial information and to provide assurance to the ICC Board on the effectiveness of ICC’s internal controls and risk management framework. The Committee is composed of two Independent Members (one of them being the Chairperson) and four Member Representatives. Also included as Ex-Officio are the ICC Chief Executive and ICC Independent Chairman. The Committee meets biannually alongside other Board and Committee meetings and following each meeting submits its report to the ICC Board.”
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