The Audit Committee comprises the Non-executive Directors and is chaired by John Grant. The external auditors and the Executive Directors are regularly invited to attend the meetings and the Committee also has access to the external auditor’s advice without the presence of the Executive Directors. The Committee met on four separate occasions during the year.
During the year, the Committee considered the adequacy and effectiveness of the risk management and control systems of the Group and requested updates to the Group’s corporate risk register. It also reviewed the scope and results of the annual external audit, its cost effectiveness and the objectivity and independence of the external auditor.
The Committee monitored the integrity of the financial statements of the company, including its annual financial statements for 2018 and other
information included in the 2018 annual report, the interim financial statements for 2019, all formal announcements relating to results and all significant financial reporting issues and judgements contained therein.
The Committee have reviewed, in depth, the key assumptions around goodwill and other non-current asset impairment reviews, provisions, accounting for Landfill Tax assessments, deferred tax asset recognition, key assumptions around provisioning and adoption of the going concern assumption.
During the year, the Audit Committee reviewed its own performance, its constitution, and its terms of reference to ensure it was operating at maximum effectiveness. A full review of the Anti-Tax Facilitation law and policy was also carried out. Recommendations were made to the Board for any changes it considered necessary.