Strategic report Governance Financial statements Other information AUDIT COMMITTEE REPORT CONTINUED The Committee monitors the effectiveness of the function Having considered that external evaluation of the Internal Audit Audit Committee priorities for 2021/22 throughout the year to ensure that it is appropriate in the context function and the information provided to it throughout the period Looking ahead to the next financial year, it is anticipated that the of the Group’s overall risk management system and its current under review, the Committee remains satisfied that the quality, Committee will focus in particular on: needs. The Chief Internal Auditor is a permanent invitee to the experience and expertise of the function is approriate and thatp Preparations for changes to processes and procedures arising Committee’s meetings and meets regularly with both the it is operating effectively. • Committee Chair and its members without Executive from the rules issued by the Business, Energy and Industrial management present. During the period, the Committee received The Committee continues to support the maintenance of the Strategy Committee later in 2021 into the future of audit and regular reports on progress against the Internal Audit Plan, the function’s objectivity. It ensures the Chief Internal Auditor has direct corporate governance; responsiveness of management in addressing recommended access to both the Chair of the Board and the Committee Chair, The continued impact of COVID-19 on the financial environment in each case without the involvement of Executive management, • management actions, and the function’s requirements for and they receive reporting directly from the function. in the UK and the broader macroeconomic situation; and resource and access to management and information. The Assurance from the Group’s Internal Audit function on the Committee uses this informationto assess the function’s It is also the responsibility of the Committee Chair to set objectives •Group’s governance arrangements and changes to the Group’s effectiveness and to ensure that it is adequately resourced and for the Chief Internal Auditor, appraise his performance (with risk profile as a result of the COVID-19 pandemic and the eui ed to fulfil its mandate and perform in accordance with support from the Chief Executive Officer) and recommend his subsequent plans for colleagues to return to working in the office. theInternal Audit Charter and relevant professional standards. annual remuneration for approval by the Remuneration Committee. Where required, the Committee also supports the function in Audit Committee evaluation putting in place co-source arrangements to enable it to During the period under review, the Commi Roger Perkin commission the support of appropriate subject matter experts. ttee has overseen the Chair of the Audit Committee implementation of recommendations relating to its effectiveness In addition to the regular reporting it receives on progress against from both the externally facilitated 2018 evaluation and internally 8 August 2021 the Internal Audit Plan, the Chair of the Committee commissioned led 2019 and 2020 evaluation of its performance. This has included an external evaluation of the function’s effectiveness which took an assessment of the quality of external advice provided to the place in the second half of the period under review. The external Committee and a review of how the Committee reports back to review was uniformly positive with regard to all matters reviewed – the Board to ensure increased clarity and consistency. the Chief Internal Auditor and his team are highly regarded within the organisation; the planning, execution, documentation and reporting of audits is first class; overall, the function is considered to be making a valuable contribution to the risk and control framework. 87 Hargreaves Lansdown Report and Financial Statements 2021