Audit Committee Overview
BAE SYSTEMS
Audit Committee - Overview
The Audit Committee monitors the Company's risk management and internal control systems and reviews
their effectiveness. The monitoring and review covers all material controls, including financial, operational
and compliance controls
Review the policies and procedures for the identification, assessment, management and reporting of risk
•
Key risks the committee focuses on are;
.
Revenue/profit recognition/ provisioning
Pensions
Taxation
M&A/Goodwill
.
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Net Debt
•
Operations
Information management
Risk management and internal control systems are underpinned by;
.
Operational Framework and Code of Conduct
Operational Assurance Statements
•
.
Life Cycle Management
Monitoring the integrity of the Company's financial statements - "fair, balanced and understandable"
Monitoring the independence and effectiveness of internal and external audit and management responses
to findings and recommendations. Audit quality both internal and external always a priority
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