Annual Report and Accounts 2016
The Audit Committee is required to meet at least three times a year and the chair of the committee, the external auditors and Resources Director may request a meeting if they consider it necessary.
Appointments to the Audit Committee are approved by the CBI Board.
The Audit Committee is responsible for recommending a firm of auditors of appropriate independence and experience and for the approval of all audit fees and terms of engagement. Auditors of the CBI are approved via vote at the Annual General Meeting (currently Buzzacott LLP).
The Audit Committee's policy is to undertake a formal assessment of the auditors' objectivity and independence each year which includes:
The Audit Committee monitors regularly the non-audit services being provided to the CBI by its external auditors. The Audit Committee follows the guidelines set out in the Auditing Practices Board Ethical Standards issued in December 2011 in monitoring the non-audit services being provided to the CBI by its external auditors.