Audit committee

Meet our Audit committee

About

The committee assists the Board in its oversight of financial reporting to ensure that the full year, half-year and quarterly financial statements are suitable for publication. 

The committee also provides assurance over the integrity of the Group's financial and non-financial reporting (NFR) including climate-related disclosures. Together with the Risk committee, it monitors the effectiveness of the internal control environment over financial and non-financial reporting.

The committee monitors the effectiveness, performance, objectivity and independence of our internal and external auditors. The committee also monitors our whistleblowing arrangements.

The committee comprises independent Non-Executive Directors only and meets at least four times each year.

Membership

Patrick Flynn (Chair) (appointed 16 July 2019)1
Jim McConville (appointed 01 December 2020)
Martin Strobel (appointed 01 November 2021)
Shonaid Jemmett-Page (appointed 14 February 2022)
Andrea Blance (appointed 21 February 2022)

1 Chair from 06 November 2019.

The following officers normally attend, by invitation, all meetings of the committee:

  • Group Chair
  • Group CEO
  • Chief Financial Officer
  • Chief Audit Officer
  • Representatives of external auditor.

Other members of senior management are also invited to attend as appropriate, to present reports.

The Board is satisfied that Andrea Blance, Shonaid Jemmett-Page, Martin Strobel, Jim McConville and Patrick Flynn each met the requirements to be an audit committee financial expert in 2022.

Role and responsibilities

The committee acts independently of management, to ensure that the interests of shareholders are properly protected in relation to the financial reporting and the effectiveness of the Group’s systems of internal control over financial reporting.

The main responsibilities of the committee are to assist the Board in discharging its responsibilities for monitoring the:

  • integrity of the Company’s financial and non-financial reporting (NFR) including climate-related disclosures;
  • adequacy and effectiveness of our systems of internal control over financial controls and non-financial reporting and whistleblowing provisions; and,
  • effectiveness, performance and objectivity of our internal and external auditors. 

In performing its duties, the committee has access to the services of the Chief Audit Officer, the Group Company Secretary, senior financial management and external professional advisers.

Read the full terms of reference (PDF 76 KB) for our Audit Committee

2022 activities

A summary of the committee’s activities during 2022 is shown below, full details can be found in the committee’s report in the 2022 Annual Report and Accounts.

 

  • Reviewed and recommended for approval the quarterly reporting, half year and full year financial statements
  • Reviewed developments in climate related and non-financial reporting
  • Reviewed and approved IFRS 17 accounting policies and monitored the development and implementation of systems and processes to support IFRS 17 reporting
  • Assessed the effectiveness of the work of the external auditors and the internal audit function including the outcomes of associated external reviews 
  • Monitored the effectiveness of the systems of internal control over financial and non-financial reporting that support the integrity of Aviva's financial and non-financial disclosures.

 

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