Share price 187.90 GBp Contacts ABOUT US OPERATIONS INVESTORS NEWS & MEDIA WORKING RESPONSIBLY CAREERS INVESTORS Audit committee Annual Report 2020 Investment case Financial highlights Regulatory news Results, reports and presentations Share price and tools Financial calendar Responsible governance Corporate governance Risk management Committees Audit committee Remuneration committee Nomination committee Advisers Tax Strategy Shareholder information Major shareholders Investment in India Analyst coverage Investor contacts The audit committee comprises the following members: Keith Lough (Chair) Catherine Krajicek Alison Wood Role and responsibilities The role of the audit committee includes: Principal responsibilities of the Committee Key areas formally discussed Financial Statements Monitoring the integrity of the Financial Statements of the Group and formal announcements relating to the Group’s financial performance; Reviewing any significant financial reporting judgements; and Reviewing the appropriateness of accounting policies, their consistent application and disclosures in financial statements. Going concern conclusions and linkage to the Viability Statement; Significant accounting issues at the half year and year end External audit Overseeing the Group’s relationship with the external auditors, including: - making recommendations to the Board as to the appointment or reappointment of the external auditors; - reviewing their terms of engagement and engagement for non-audit services; and - monitoring the external auditors’ independence,objectivity and effectiveness. Reviewing the external auditors’ scope and audit plan for the 2020 year end; Discussing the materiality levels set by the auditors; Approval of the auditors’ remuneration; Consideration of the results of the external audit with the auditors and management; and Assessment of the effectiveness of the external audit. Internal risk management and assurance Reviewing the Group’s internal financial controls and internal control and risk management systems and oversight of the Group’s Risk Management Committee; and Monitoring and reviewing the effectiveness of the Group’s internal audit function. Reviewing the Group’s corporate and operational risk register; Reviewing reports on the activities of the Risk Management Committee; Selection of internal audit work planned for 2021 and consideration for future years; and Assessment of key findings raised from internal audits conducted in the year. Whistleblowing procedures Reviewing the Group’s whistleblowing procedures and ensuring that arrangements are in place for the proportionate and independent investigation of possible improprieties in respect of financial reporting and other matters and for appropriate follow-up action. Reviewing and approving of the Group’s whistleblowing procedures. Other matters Reviewing the Group’s policy for approval of non-audit work to the Company’s auditors; and Reviewing booking of Group reserves and resources. Review and approval of the Group policy for approval of non-audit work to the Company’s auditors; and Classification of reserves and resources for disclosure in the Annual Report. DOWNLOAD THE AUDIT COMMITTEE'S TERMS OF REFERENCE PDF (0.19MB) READ MORE ABOUT THE COMMITTEE IN THE 2020 ANNUAL REPORT AND ACCOUNTS Key contact Anne McSherry, Company Secretary Contact T: +44 131 475 3000 Related content Corporate governance FIND OUT MORE ABOUT OUR CORPORATE GOVERNANCE FRAMEWORK Risk management LEARN MORE ABOUT OUR APPROACH TO RISK MANAGEMENT Privacy and cookies Legal Modern slavery statement Email alerts Services © Cairn Energy PLC 2021 By emperor Cookie Control Icon For more detailed information about the cookies we use, see our Cookies policyCookie Control Link Icon Save and close