📃 Audit committee terms of reference

This legal template pertains to an executive summary for the audit committee of premium-listed companies in the UK, specifically regarding tax year 2019 and beyond. It outlines the terms of reference that the audit committee must adhere to while fulfilling their responsibilities related to auditing and taxation.

The executive summary encompasses crucial information regarding tax-related matters for premium-listed companies, highlighting legislative changes and regulatory requirements specific to the tax year 2019 and beyond. This summary aims to provide a comprehensive overview of the committee's role and responsibilities in facilitating effective tax planning, compliance, and risk management within the organization.

It may include guidelines on conducting regular tax audits, ensuring accurate and timely tax reporting, and implementing adequate internal controls to minimize the risk of non-compliance or inaccuracies in tax filings. Additionally, this template might outline the committee's obligation to review and approve tax strategies, identify potential tax-saving opportunities, and assess any potential risks associated with tax planning decisions.

Furthermore, the executive summary could encompass the audit committee's role in overseeing the company's relationship with external tax advisors, ensuring their independence and competence in providing advice and opinions on tax matters. The summary may also address the committee's responsibility to monitor the company's tax-related litigation or disputes and ensure that appropriate disclosure and provisions are made in financial statements.

Overall, this legal template serves as a framework to guide the audit committee of premium-listed companies in fulfilling their obligations under UK law concerning tax-related matters, specifically for the tax year 2019 and beyond. It strives to ensure transparency, compliance, and effective risk management in relation to taxation within the organization.

The legal template titled "Audit Committee Terms Of Reference (AIM Listed Company) under UK law" is a comprehensive document that outlines the specific guidelines and responsibilities of an audit committee within a company listed on the AIM (Alternative Investment Market) in the United Kingdom.

The template provides a framework that adheres to UK regulations, laws, and best practices for corporate governance. It encompasses the composition, role, and responsibilities of the audit committee, aiming to ensure transparency, accountability, and effective oversight of financial reporting and auditing processes.

The document may include various sections, such as the committee's purpose and scope, membership requirements, and composition guidelines. It can also outline the committee's duties, including but not limited to reviewing and approving financial statements, assessing internal control systems, monitoring compliance with regulatory requirements, and overseeing the external audit process.

Additionally, the template may cover the committee's authority and decision-making powers, communication and reporting mechanisms, meeting procedures, and annual evaluation processes. It may provide provisions for the committee's access to necessary resources, including expertise, training, and independent advice.

Overall, the "Audit Committee Terms Of Reference (AIM Listed Company) under UK law" legal template serves as a vital tool for formalizing and clarifying the role and responsibilities of the audit committee within an AIM-listed company, ensuring a robust system of governance and financial oversight.