Page 41 - RFU Annual Report 2018

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CORPORATE GOVERNANCE

9

GROUP AUDIT COMMITTEE:

Membership of the Committee
Name Role Member since Meetings attended in year
Helen Weir Chair - Independent Non-Executive Board Member 2015 3 out of 3
Deborah Griffin RFU Council Member and Non-Executive Board Member 2012 3 out of 3
Philip Johnson Independent Member 2016 3 out of 3
Mike Waplington RFU Council Member 2016 2 out of 3

Membership of the Committee Oversight of the integrity of the > Financial Statements
The Audit Committee is comprised RFU’s financial statements and key The Committee reviewed the annual
of four members, of which at least two judgements. report and financial statements,
must be non-executive members of including the accounting policies and
the Board and one of whom must have Oversight of the internal and external significant judgements and estimates
recent and relevant financial experience. auditors’ performance, objectivity, underpinning their preparation as
Members are appointed for three-year qualifications and independence disclosed in notes 2 and 3 on pages
terms that may be extended by one arrangements. 58-63.
further term of three years. Helen Weir,
an independent non-executive member Recommendation to the Board of the Particular attention was paid to the
of the Board, chairs the Committee. external auditors’ appointment for following significant judgement areas in
member approval at the AGM, and relation to the financial statements:
Other attendees at Committee meetings approval of their fees.
included the Chief Executive Officer, The contractual agreement with
Chief Financial Officer, Company Approval of the internal audit plan. Compass plc regarding their shares in
Secretary, Group Finance Director, Twickenham Experience Limited.
Financial Accounting Manager, Sign off of the external audit work
internal and external auditors and programme. The carrying value of the East Stand
other members of staff as required. in light of expected future financial
Throughout the year Committee Oversight of risk management and performance and approach to
members met without others present internal control arrangements. capitalisation of costs of the project.
and also held private sessions with the
Chief Financial Officer and internal Oversight of compliance with legal The requirement for an impairment of
and external auditors, creating an and regulatory requirements. the carrying value of the investment
environment where all issues could be in RIM. The Committee agreed that,
discussed frankly. Review terms of reference on an given the weak financial outlook
annual basis. of RIM, the investment should be
Purpose of the Committee impaired fully.
The role and responsibilities of the Activities of the Committee
Audit Committee are set out in written During the year the Committee covered The assumptions used and the
terms of reference which are reviewed a variety of topics in its meetings. These accounting treatment of the defined
annually by the Committee taking included both standing items that benefit pension scheme surplus.
into account relevant legislation and the Audit Committee considers as a
recommended best practice. matter of course, typically in relation to The accounting treatment relating
risk, control issues, potential litigation, to the recognition of the deferred tax
The key responsibilities of the Audit accounting policies, judgements and asset.
Committee are to assist the Board reporting matters, and a range of
in relation to the following matters, deep-dive topics relevant to the RFU’s The Committee concluded that these
bringing relevant issues to their key risks. The Committee’s principal were significant judgement areas that
attention: activities were as follows: required specific disclosure in the
financial statements.

Annual
Report
2018