Cohesive Consistent Confident

Henry Boot PLC
Annual Report and Financial Statements for the year ended 31 December 2015
www.henryboot.co.uk
Stock Code: BHY
Audit Committee Report
Statement from the Chairman of the Audit Committee
We all have many years of financial and
business experience and both Joanne Lake
and I have relevant accounting qualifications
and experience.
Terms of reference
The terms of reference for this Committee fully incorporate the
UK Corporate Governance Code’s provisions in relation to its
roles and responsibilities and are available for inspection at the
Company’s registered office.
Role of the Committee
The Committee’s responsibilities include, amongst other
matters, the following:
• to review and consider the scope and effectiveness of the
Company’s financial controls, Company internal control and
risk management systems;
• to review the annual report of the auditors, the level of
fees charged by the auditors for non-audit services, the
independence and objectivity of the auditors and the
proposed nature and scope of their work before the audit
commences. Details of fees paid for non-audit services
are set out in note 3 to the Financial Statements. The level
of these fees and the services provided are reviewed by
the Committee to ensure that they do not threaten auditor
objectivity and independence. During the year, the Committee
reviewed the independence and objectivity of the external
auditors, which was confirmed in an independence letter
containing information on procedures providing safeguards
established by the external auditors. Regulation, professional
requirements and ethical standards are taken into account,
together with consideration of all relationships between the
Company and the external auditors and their staff. Relations
with the external auditors are managed through a series
of meetings and regular discussions and we ensure a high
quality audit by challenging the key areas of the external
auditors’ work;
Those serving as members of the Audit
Committee (the Committee) for the whole of
2015 were James Sykes (Committee Chairman),
John Brown and Michael Gunston. From
1 October 2015, additional serving members
were Gerald Jennings, Joanne Lake and
Peter Mawson. Jamie Boot was appointed a
member of the Committee on 1 January 2016.
Biographies of the current members of the
Committee are shown on page 50.
• to review and make recommendations to the Board in relation
to the half-yearly and annual financial reports;
• to oversee the selection process with regard to external
auditors, to consider the appointment/reappointment of
external auditors and make appropriate recommendations
through the Board to the shareholders to consider at the
Annual General Meeting (AGM);
• to review the Company’s procedures for handling reports by
‘whistleblowers’;
• to consider annually whether there is a need for an internal
audit function and make recommendations to the Board.
However, from past experience, the use of this function has
not resulted in added value to the business and this continues
to be the view of the Committee in its deliberations this year;
• to monitor the integrity of the Financial Statements of the
Company and any formal announcements relating to the
Company’s financial performance; and
• to review annually the Company’s Anti‐Bribery and Corruption
Policy.
Shareholder Information Financial Statements Governance Strategic Report
Overview
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