The Audit Committee is responsible for monitoring and reviewing internal control, external audit, accounting and external reporting. It aims to meet 3 times a year and whenever the external auditors request a meeting.
The members of the Audit Committee include Bernard Barron, Audit Partner & Chairperson, Mairead Divilly, AOS Partner, Eugene MacMahon, Audit Partner and Gerry Vahey, Tax Partner. They are elected by the partners for a three year term and their duties involve the following:
- To advise the Partners, the Executive and Risk Committee on the appointment, re-appointment and removal of the external auditors, and investigate any issues in relation to the resignation or dismissal of the external auditors.
- To approve the fees for the audit and any non-audit services.
- To discuss with the external auditors, before the audit begins, the nature and scope of the audit.
- To assess annually the external auditor’s independence and objectivity taking into account the provision of non-audit services.
- To discuss with the external auditors problems and reservations arising from the interim and final audits, including a review of the external auditor’s report to the Audit Committee incorporating management responses, and any other matters the external auditors may wish to discuss (in the absence of management where necessary).
- To consider elements of the annual financial statements in the presence of the external auditors, including the auditors’ formal opinion, the statement of responsibilities and any statement of internal control.
- To ensure compliance with the requirements of financial reporting and recommend the approval of the statutory accounts to the Executive and the Partners.
- To advise the Partnership on the appointment and terms of engagement of any proposed internal audit service (and the head of internal audit, if applicable), the audit fee, the provision of any non-audit services by the internal auditors and any questions of resignation or dismissal of the internal auditors.
- To review, if an appointment has been made, the internal auditors’ audit risk assessment and strategy; to consider major findings of internal audit investigations and management's response; to promote co-ordination between the internal and external auditors and to review any internal audit annual report. The committee will ensure that the resources made available for any internal audit are sufficient to meet the Firm’s needs (or make a recommendation to the Executive as appropriate).
- To monitor annually the performance and effectiveness of external and internal auditors, including any matters affecting their objectivity, and to make recommendations to the Executive and Partnership concerning their reappointment, where appropriate.