The Audit Committee assists the board in carrying out its responsibilities in relation to corporate policies, internal control, risk monitoring, and financial and regulatory reporting practices. The committee has an oversight function and provides a link between the internal and external auditors and the board. The committee is assisted as appropriate by the Group Finance and Administration teams.
The Audit Committee met four times in 2016.
The main topics discussed during these meetings were:
- review of interim and full year financial statements
- implementation of new IFRS developments that could impact Eurofins’ accounts
- discussion on the impact of the audit reform in Luxembourg on the role of the Audit Committee and its implications in terms ofaudit control and new requirements of public disclosure
- update on the the Finance blue print progress (process documentation) and deployment of the Microsoft Dynamics AX solution
- analysis of the risk management annual survey results and its implications in terms of control environment improvements and minimum control requirements for most risk sensitive areas
- information security policy improvements related to communication in order to prevent or minimize the risk of fraud and strengthening of security resources and business continuity plans
- update on recent internal audit missions carried out across the Group
The Audit Committee consists of the following members:
- Fereshteh Pouchantchi (Audit Committee Chair)
- Stuart Anderson
- Dr. Yves-Loïc Martin