The Audit Committee’s principal function is to:

• Enable the Board to monitor the integrity of the Group’s financial reports and its system of internal controls;
• Monitor the effectiveness of the Group’s internal audit function; and to
• Manage the relationship with the Group’s external auditors.

The Audit Committee’s terms of reference were updated and approved by the Board on 23 April 2007. Audit committee terms of reference (Pdf, 46KB)
Further details of the Audit Committee’s activities during 2006 are outlined in the Corporate Governance Statement in the 2006 Annual Report and Accounts.