External Auditor

Fresnillo plc - External Auditor

The Audit Committee is required to oversee the relationship with the external auditor and assess the effectiveness of the external audit process. This is achieved through a combination of the following actions:

  • Reviewing the terms of engagement of the external auditor
  • Approving audit plans and timescales prior to the year-end audit
  • Understanding the allocation of audit resources and the level of involvement of technical experts
  • Discussing the external auditor's materiality assessments in relation to our financial statements
  • Challenging the external auditor’s risk and judgement area identification
  • Reviewing the reports received from the external auditor and challenging the work done to test management’s assumptions in key areas of risk and judgement
  • Approving representation letters given to the auditors by management
  • Seeking feedback from management on the effectiveness of the audit process
  • Periodically commissioning an external review of the external auditor
  • Considering reappointment of external auditors and their independence, including rotation of the audit partner
  • Conducting periodic audit tender processes