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Corporate Governance, Committees and Internal Audit

Their roles in the governance of the firm

Corporate governance

The board’s oversight of management and the operation of the audit, remuneration and nomination committees ensures that Deloitte adheres to the highest levels of internal corporate governance and risk management oversight.

The membership of each of these committees is made up of elected members of the Board, who are independent from the Executive Group.

Audit Committee

The Audit Committee takes responsibility for monitoring all reporting, accounting, financial and control aspects of the executive management’s activities. It reviews the provision of non-audit services by external auditors to ensure they do not impinge on the auditors’ independence in undertaking the statutory audit. It receives reports from our internal audit team and our external auditors, reports to each meeting of the Board and is a fundamental part of our risk management process.

The Audit Committee reviews the policies and overall process for identifying and assessing business risks and managing their impact on Deloitte, and liaises closely with the external auditors regarding the results of the audit. It receives regular assurance reports from management and others on the operational effectiveness of matters related to risk and control and monitors the timeliness and effectiveness of corrective action taken by management.

Remuneration Committee

The Remuneration Committee monitors the objectives and reviews the performance of the Chairman and Senior Partner and makes recommendations to the Board on profit share.

Nomination Committee

The Nomination Committee produces a candidate list for elections to the Board to achieve the representation and diversity required.

Internal Audit

Deloitte’s internal audit team is a key element of the continuous review of the effectiveness of our system of internal control. Reporting to the Managing Partner for Practice Protection, the internal audit team is a combination of permanent staff and client-serving secondees from our internal audit service line. The team reviews both financial and non-financial processes and works closely with our external auditors, reporting on a formal basis to the Audit Committee.

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