AmazonScience/document-haystack

1During the year, the Audit & Risk Committee’s 2(the Committee) core duties remained 3unchanged. We continued to fulfil an 4important oversight role, monitoring the 5effectiveness of the Group’s system of internal 6controls and risk management framework 7and reviewing the integrity of the Group’s 8financial reporting. The principal role of the 9Committee is to help the Board to fulfil its 10responsibilities and provide valuable 11independent challenge around financial 12reporting and financial controls. The Committee 13also oversees the external auditor relationship.14Throughout the year, the Committee has 15continued to review the Group’s principal risks, 16particularly considering the evolving internal 17and external environment, and performed 18several in-depth reviews into principal risk areas. 19This included reviewing the comprehensive 20measures in place to protect the integrity and 21reputation of Reach brands, which plays an 22important part in maintaining audience trust 23and the confidence of shareholders. The 24Committee also reviewed how Reach had 25approached its expansion into the US and the 26risks related to the US business across various 27areas such as tax, finance, HR, governance, 28intellectual property and data.29AUDIT, RISK AND INTERNAL CONTROLS 30Anne Bulford, CBE31Audit & Risk Committee Chair32Audit & Risk Committee Report33Role of the Committee34The role and responsibilities of the Committee 35are set out in its terms of reference, which are 36available on the Company’s website at  37www.reachplc.com.38The key objectives of the Committee are to review 39and report to the Board and shareholders on the 40Group’s financial reporting, internal control and 41risk management systems, and the independence 42and effectiveness of the external auditors.43The Committee is also responsible for:44• monitoring the financial reporting process, 45including the integrity of the financial 46statements of the Company such as its 47annual and half-year financial results;48• reviewing and assessing the Annual Report 49to determine whether it can advise the Board 50that, taken as a whole, the Annual Report is fair, 51balanced and understandable;52• monitoring the statutory audit of the annual, 53and the review of the half-year, consolidated 54financial statements;55• reviewing significant financial reporting issues;56• recommending to the Board the appointment 57of the external auditors and approving their 58remuneration and terms of engagement;59• monitoring and reviewing the external 60auditors’ independence, objectivity and the 61effectiveness of the external audit process, 62including considering relevant UK professional 63and regulatory requirements such as the 64appropriateness of the provision by the 65auditors of non-audit services;66• monitoring and reviewing the effectiveness 67of the internal control and risk management 68systems, including the internal audit function; 69and70• reviewing and approving the remit of the 71internal audit function, ensuring it has 72the necessary resources and can meet 73appropriate professional standards for 74internal auditors.75The Board’s responsibility for the assessment 76of risk is delegated to the Committee.77The internal control environment has 78been reviewed in depth. The Committee 79has reviewed reports from internal audit and 80overseen that, where appropriate, corrective 81action is being taken to address any weaknesses 82identified in those reports, to enhance the 83internal control environment. During the year, 84the Committee has continued to review 85regular updates on ongoing work to 86strengthen controls and governance.87In 2024, the Committee will maintain focus on 88the ongoing work to strengthen controls and 89governance arrangements. We have also 90planned deep dives on information security, 91data protection, supply chain and health 92and safety.93Anne Bulford, CBE94Audit & Risk Committee Chair955 March 2024969697Reach plc Annual Report 2023Strategic Report Governance Financial Statements Other Information