WITNO0740114
WITNO0740114
Exhibit WITNO0740114
ARC(12)1
TERMS OF REFERENCE
AUDIT, RISK and COMPLIANCE SUB-COMMITTEE
PURPOSE The Audit, Risk and Compliance Sub-Committee is responsible for ensuring
effective systems are in place for internal control and risk management, in
accordance with the business's agreed risk appetite. The committee
maintains the appropriate relations with the company’s auditor.
ROLE JOB TITLE
CHAIR Non-executive director
MEMBERS Post Office Chairman
Non-executive director 1
Non-executive director 3
(one of the above must have FS expertise)
OTHER ATTENDEES Chief Executive Officer
Chief Financial Officer
Legal & Compliance Director
SECRETARIAT Company Secretary (or Assistant)
[QUORUM [ Two members I
[FREQUENCY I Quarterly, follows Risk & Compliance Committee and precedes PO Board _I
RESPONSIBILITIES :
+ Approval of both the internal and external audit plans
+ Reviewing progress on addressing audit recommendations
+ Approval of the compliance strategy
+ Approval of the assurance strategy
+ Recommendation to the Board on:
risk appetite levels,
the risk strategy,
internal controls, and
risk based priorities for internal audit
+ Reviewing the auditors’ management letter
+ Reviewing the draft annual report, half-yearly and yearly accounts
SPECIFIC POWERS & AUTHORITIES :
+ Recommending the appointment or removal of the auditor to the Board
+ Recommendation of any significant change in accounting policy or practices
+ Recommending the annual report, half-yearly and yearly accounts to the Board
for approval
WITNO0740114
WITNO0740114
Exhibit WITNO0740114