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Auditor Independence

The auditors’ independence is assessed on an ongoing basis by the Audit and Risk Committee. The Committee considers the appointment of the external auditors every five years and this process is subject to public tender. The last tender process was completed in 2016.

Auditor independence and objectivity is safeguarded by a number of control measures, including:

  • Limiting the nature and value of non-audit services performed by the external auditors as covered under the policy for non-audit services
  • Monitoring the changes in legislation related to auditor objectivity and independence
  • Confirmation that the external auditor has appropriate internal safeguards in place that are consistent with applicable standards
  • Rotating the audit partner every five years
  • Providing opportunities to meet with the Audit and Risk Committee privately
  • Reviewing annually the effectiveness of the external auditors
  • Annual confirmation of independence by the external auditors