The audit function is vital for ensuring a company is complying with its legal and regulatory obligations. Beyond that, however, lies an even greater value; an effective audit function can bring peace of mind to the board and, investors and other stakeholders as well as to executive management.
This award recognises those reports that get under the bonnet and offer quality commentary on such things as how the audit committee goes about its work, how the company manages relations with its external auditor, and how the provision of non-audit services is handled. Strong reports will provide clear insight into how the board satisfies itself on auditor independence, how the audit committee gains assurance on management’s approach to complex issues, and how and when the committee challenged the external auditor on its work.
The judges are looking in particular for reports which underline the significance of the audit function, and which present a clear narrative on how the company delivers a high-quality audit for shareholders.
Mondi plc
United Utilities Group PLC