SECTION 1: ANNUAL REVIEW
CONTENTS
SECTION 2: THE BOARD’S REPORT
SECTION 3: FINANCIAL STATEMENTS
The committees Audit & Risk Committee Chair: Shena Winning The role and responsibilities of the Audit and Risk Committee are set out in written terms of reference which are reviewed annually by the Committee, taking into account relevant legislation and recommended good practice.
• Oversight of the external auditor’s performance, objectivity, qualifications, and independence; the approval process of non-audit services; recommendation to the Board of the nomination of the external auditors for shareholder approval; and approval of their fees • Review of the programme and performance of the internal auditors.
The Committee’s responsibilities include, but are not limited to, the following matters:
During the year, the committee met 4 times and we undertook a full programme of work including:
• Oversight of the integrity of VIVID’s financial statements
• Reviewing the Annual Review and Accounts. The reviews incorporated the accounting policies and significant judgements and estimates underpinning the financial statements and the appropriateness of adopting the going concern basis of accounting
• Review of VIVID’s annual financial statements including the clarity and completeness of disclosures • Oversight of risk management and internal control arrangements • Oversight of compliance with legal and regulatory requirements
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2021-22 ANNUAL REVIEW AND FINANCIAL STATEMENTS
• Monitoring and agreeing the Assurance Plan quarterly based on the Strategic Risk Register. Our approach to assurance was reviewed in April 2021 and improvements to the process will be made during 22/23
• Reviewing the outcomes of quarterly operational controls audits and specialist deep dive audits, as well as following up to ensure the actions based on audit findings were completed through the Control Improvement Plan • Approving/recommending Board approve the Speak up, Risk Management and Prevention of Financial Crime policies and financial regulations •
Reviewing our accounting judgements and policies
• Considering our legal compliance based on a report received every six months • Agreeing our external audit strategy and planning memorandum • Noting cases of potential fraud raised on the fraud register • Considering renewal of the contract with our insurance provider. The committee provided the Board with an overall opinion of internal controls, which confirmed our arrangements for the management of risk are robust.
