The Audit Sub-Committee (the “Committee”) is an extension of the ADS Board (the “Board”), and its primary role is to provide oversight and reassurance to the Board that key accounting matters have been adequately considered and the annual accounts are properly presented and filed on time.
The Committee will also provide guidance, support and expertise to the ADS Finance Director, as and when required, particularly regarding the preparation of the Statutory Accounts.
The Committee will review, on behalf of the Board, the following matters:
- The process and preparation of the Statutory Accounts
- Any issues relating to the Going Concern Status and/or Covenant Breaches
- The Risk Register
- Any other matters of judgement relating to the preparation of the Statutory Accounts
- Review and monitor the external auditor’s independence and objectivity and the
- effectiveness of the audit process, taking into consideration relevant UK professional and any applicable regulatory requirements
The Committee will also report to the Board on how it has discharged its responsibilities and the Committee Chairman is expected to present the Statutory Accounts at the AGM, along with the ADS Finance Director.
The Board may request that the Committee review other areas or issues but the above are the minimum that would be expected to be covered.