The Audit Committee assists the Board of Directors in carrying out its responsibilities in relation to corporate policies, internal control, risk monitoring, and financial and regulatory reporting practices. The Audit Committee has an oversight function and provides a link between the internal and external auditors ("réviseurs d'enterprises agrees") and the Board of Directors. The Audit Committee is assisted as appropriate by the Group Finance and Administration teams.
The Audit Committee met three times in 2017.
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, including application of IFRS15 Revenue from Contracts with Customers and IFRS16 Leases
- discussion on the impact of the audit reform in Luxembourg on the role of the Audit Committee and its implications in terms of audit control and new requirements of public disclosure
- update on the the Finance blue print progress (business process documentation) and deployment of the Microsoft Dynamics AX 2012 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
- Patrizia Luchetta