The Audit Committee is responsible for ensuring that an appropriate relationship is maintained between the Company and the external auditor, including the provision of non-audit services. In late 2011 a separate firm was appointed to provide taxation compliance services to the Group. During FY2016 the external auditor undertook some minor non-audit work and, from time to time at the Company’s request, the external auditor provided informal advice relating to financial, accounting and capital structuring matters.
Grant Thornton were first appointed as external auditor to the original Group headed by Southbank UK PLC in 2006. Following the reverse acquisition in 2010, Grant Thornton were also appointed as the external auditor to the Group headed by Hayward Tyler Group PLC. In line with its policy to ensure continued independence, Grant Thornton routinely confirms the position of all team members as part of each audit process having taken account of appropriate ethical guidance. As we mentioned in FY2015’s report, we welcomed Paul Naylor as new engagement partner. We would like to thank Paul and his team for their guidance and support over the last 12 months.
Any decision to open the audit to tender is taken on recommendation of the committee. The Audit Committee recommended to shareholders at the Annual General Meeting that Grant Thornton be reappointed as the external auditor for a further year.