Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 216

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 216
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 was completed by a range of operational and corporate executives across the business, and by Committee members. We are satisfied with the quality and objectivity of KPMG’s 2023 audit. Audit Quality Review As part of the annual inspection of audit firms, the Audit Quality Review (‘AQR’) team of the Financial Reporting Council (‘FRC’) reviewed KPMG’s audit of the Group accounts for the year ended 31 December 2023. The AQR routinely monitors the quality of audit work of certain UK audit firms through inspections of sample audits and related procedures, at individual audit firms. The Committee and KPMG LLP have discussed the report, which included a number of good practice observations. Overall, the result of the review raised no issues which caused doubt on the quality of our external audit and the Committee remains satisfied with the efficiency and effectiveness of the external audit. Appointment of the auditors The Committee has reviewed the independence, objectivity and effectiveness of KPMG as external auditors in 2024 and in the year to date. We have recommended to the Board that KPMG should be retained in this role for 2025, which the Board supports. KPMG have indicated that they are willing to continue as auditors of Rio Tinto. A resolution to reappoint them as auditors of Rio Tinto plc will be proposed as a joint resolution at the 2025 AGMs, together with a separate resolution seeking authority for the Committee to determine the external auditors’ remuneration. Subject to the approval of the above resolution, KPMG will continue in office as auditors of Rio Tinto Limited. Risk management and internal controls We review Rio Tinto’s internal control systems and the risk management framework. We also monitor risks falling within our remit, including those relating to the integrity of financial reporting. A summary of the business’s internal control and risk management systems, and of the risk factors we face, is available in the Strategic report on pages 88-98. Importantly, responsibility for operating and maintaining the internal control environment and risk management systems sits with leaders who are in the best position to address them, while offering support to them via Centres of Excellence and Areas of Expertise. Leaders of our businesses and functions are required to maintain adequate internal controls, to verify that these are operating effectively and are designed to identify any failings and weaknesses that may exist, and that any required actions are taken promptly. The Audit & Risk Committee also regularly monitors our risk management and internal control systems (including