Jersey Post Annual Report and Accounts | 2012 - States Assembly

Statement of Corporate Governance
Audit Committee
The Audit Committee is appointed by the Board from the
Non-Executive Directors. The Audit Committee is chaired
by Donal Duff who is a Chartered Accountant. The other
members of the Audit Committee are Mike Liston and Tim
Brown, a Chartered Public Finance Accountant.
The external auditors, the Finance Director and the Chief
Executive Officer attend the meetings by invitation. During
the financial year ended 31 December 2012 the Audit
Committee met four times.
The Audit Committee’s agenda is linked to events in the
Company’s financial calendar. The agenda for each Audit
Committee meeting is agreed with the Chairman two to
three weeks prior to the meeting.
Financial Reporting
The Committee monitors the integrity of the financial
statements of the Group, including its annual and halfyearly
reports and any other formal announcement relating
to its financial performance, reviewing significant financial
reporting issues and judgements which they contain.
The Committee reviews and challenges where necessary:
New Audit Committee members are provided with induction
training and all Committee members receive on-going
training on an annual basis as necessary. Training can
comprise of attendance at formal conferences or courses
but more likely internal company seminars and briefings by
the external auditors.
The Audit Committee reviewed its performance via a
self-assessment questionnaire which was discussed at its
meeting on 28 February 2013. In addition, the Committee
has an Action Plan which records the tasks it needs
to complete during the year, including those to ensure
compliance with the Code. Progress against the Action
Plan is reviewed at each Committee meeting.
The Committee is charged by the Board with responsibility
for reviewing the strategic processes for risk, control and
governance throughout the company. The Audit Committee
has terms of reference which include all matters indicated
by the Code and which are subject to annual review. The
terms of reference were reviewed and updated by the
Company Secretary and circulated to all Committee and
Board members in November 2012.
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the consistency of, and any changes to, accounting
policies both on a year on year basis and across the
Group;
the methods used to account for significant or
unusual transactions where different approaches are
possible;
whether the Group has followed appropriate
accounting standards and made appropriate
estimates and judgements, taking into account the
views of the external auditor;
the clarity of disclosure in the Group’s financial
reports and the context in which statements are
made; and
all material information presented with the financial
statements, such as the operating and financial
review and the corporate governance statement
(insofar as it relates to audit and risk management).
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