AVBOB Integrated Annual Report 2018

• Considered the appropriateness of accounting treatments, significant unusual transactions and accounting judgements. • Considered the appropriateness of the accounting policies adopted and changes thereto. • Reviewed and discussed the External Auditors’ audit report. • Reviewed all work undertaken by the Statutory Actuary. • Met separately over the course of the year with the External Auditors and Statutory Actuary. • Reviewed any significant legal and tax matters that could have a material impact on the financial statements. • Considered the expertise, resources and experience of the Finance Department and senior members of management responsible for this function, and concluded that these were appropriate. • Considered the appropriateness of the experience and expertise of the Financial Director, and concluded that these were appropriate. • Internal control and Internal Audit: • Reviewed and approved the internal audit mandate and annual audit plan. • Evaluated the independence, effectiveness and performance of the Internal Audit Department and compliance with its mandate. • Considered reports of the Internal and External Auditors on the Group’s systems of internal control, including internal financial controls and maintenance of effective internal control systems. • Reviewed significant issues raised by the internal audit processes and the adequacy of corrective action in response to such issues. • Reviewed significant differences of opinion between the Internal Audit Department and management, and noted that there were none. • Assessed the adequacy of the performance of the Internal Audit Department as well as of the available internal audit resources and found them to be satisfactory. • Received assurance that proper and adequate accounting records were maintained and that the systems and processes to safeguard assets against unauthorised use or disposal are in place. Based on the above, nothing has come to the attention of the Committee to indicate that any breakdown has occurred in the functioning of these controls, resulting in material loss to the Group, during the year and up to the date of this report. • Legal and regulatory requirements: • Reviewed, in consultation with management, matters that could have a material impact on the Group. • Monitored compliance with all applicable legislation and governance codes. • Reviewed reports from the Internal and External Auditors, Legal and Compliance Departments, detailing the extent of compliance. • Noted that no complaints were received via the whistle-blowing facility concerning accounting matters, internal audit, internal financial controls, content of financial statements, potential violations of the law and questionable accounting or auditing matters. • Risk Management and Information and Communication Technology: • Considered and reviewed reports from management on risk management, including fraud risks and information technology risks as they pertain to financial reporting and the going concern assessment. • In respect of the coordination of assurance activities, the Committee reviewed the plans 28