Audit Function within NEOVIA Financial Plc

The Audit Committee’s role and responsibilities are to ensure the interests of shareholders are properly protected with regard to financial reporting, internal control and risk management. The Audit Committee is advisory in nature to the Board, and its terms of reference require it to be independent in relation to controls, procedures, policies and accounting.

The Audit Committee’s Terms of Reference define its role and responsibility, which is essentially to ensure the interests of shareholders are properly protected with regard to financial reporting and internal control. The full Terms of Reference are available here.

In accordance with its remit, and acting as a sub-committee of the Board, the Committee is responsible for exercising the full powers and authority of the Board in reviewing a wide range of accounting and financial reporting matters, as well as internal control and risk management issues. During 2006 the Committee met to consider amongst other matters:

Internal audit matters

  • The Risk Register of NEOVIA Financial Plc and the adequacy of NEOVIA Financial’s internal controls in respect of those risks;
  • The effectiveness of the Company’s internal audit function;
  • Review of NEOVIA Financial’s internal audit program for 2006/07 and the reports produced by the Head of Internal Audit pursuant to that program;
  • Approval and recommendation to the Board of additional internal policies which were adopted by the Board and have been, or are in the process of being, implemented throughout NEOVIA Financial;
  • NEOVIA Financial’s compliance with the Combined Code where considered appropriate in relation to its activities and stage of development.

External audit matters

  • NEOVIA's interim and annual financial statements and formal announcements on financial performance before submission to the Board for approval; 
  • Developments in accounting standards;
  • Recommendation of the reappointment of KPMG as NEOVIA's auditor, and the fees considered appropriate to such appointment;
  • Evaluation of the independence, objectivity and effectiveness of NEOVIA Financial’s external auditors including a review of all non-audit services provided by the external auditors prior to appointment.

NEOVIA Financial’s current external auditors are KPMG Audit LLC, Heritage Court, 41 Athol Street, Douglas, Isle of Man, IM99 1HN.