Page 58 - Continental Reinsurance 2022 Annual Report
P. 58
56 Audit Committee Report
AUDIT COMMITTEE CHAIRMAN'S STATEMENT Company including a consideration of the continuing impact
I am pleased to present the Audit Committee's report for the of the global impact of Inflation on businesses. The
year ended 31st December 2022. Committee also assisted the Board in determining that the
Annual Report and financial statements, when taken as a
The purpose of the Audit Committee (the "Committee") is to whole, is fair, balanced, and understandable and provide the
assist the Board of Directors ("Board") in fulfilling its oversight information necessary for shareholders to assess the
responsibilities in areas such as the integrity of the Company's Company's position, performance, business model, and
quarterly, annual, and other financial statements, its internal strategy.
control, audit and risk management framework, ethics and
compliance matters, and the appointment and performance Internal Audit
of the external auditor. I am confident that the Audit The Committee assessed the effectiveness of Internal Audit
Committee carried out its duties during the year effectively by reviewing and approved its annual risk-based audit plan at
and to a high standard, providing independent oversight with the start of the financial year, monitored its implementation
the support of management and assurance from the external and assessment of the quality of contributions to the
auditors. organisation by the Internal Auditors. Externally facilitated
assessment of the effectiveness and efficiency of the internal
During the year, the Committee supported the Board in audit function was also conducted by Messrs SIAO in line with
assessing the principal and emerging risks facing the best practice during the year and the reports of the
Company. This included reviewing the Company's risk assessments confirms that there is no impairment to the
management and internal control systems and overseeing the independence and objectivity of the Internal Audit function,
operation of the Internal Audit function. The Committee and this has fostered a significant value addition in achieving
continued its work to strengthen non-financial controls and the Company's objectives.
governance arrangements which included oversight of a
diverse range of risks, including both principal and emerging External Auditor
risks, such as cyber security, climate change, data The Committee remained satisfised with the services provided
management, and privacy, fraud and compliance risk, culture, by the external auditors, PWC. The appointment was
and third-party risk. reviewed (considering the auditor's effectiveness and
independence and all appropriate guidelines) and finds that
Financial statements there are no contractual obligations or impediment that
The Committee monitored the integrity of the Company's restrict PWC as the company's current choice of external
Financial Statements and announcements relating to the auditor. The external auditors report to the Committee
Company's financial performance. It reviewed and analysed periodically on their independence as the Committee
the going concern status, adaptability, and growth of the confirms the periodic rotation of key audit Managers and
Engagement partners. Also, the External Auditors confirm
their satisfaction on the level of co-operation they have
enjoyed from Management which ensured the effective
disposal of the duties during the year under review.
Priorities for the year ahead.
In the years ahead the Committee will continue to emphasize
the integrity of financial controls and reports, risk
management system, digital transformation, appropriate
disclosures, and robustness of cyber security in line with the
current reality and changing risk of our highly growing
business environment.
We will also focus on ensuring the effective adoption and
implementation of IFRS 9 and 17 in 2023 and continue to
prioritize and oversee the governance of various
transformation and compliance projects towards
actualization of the company's business strategy.
‘Seun Oni
Audit Committee Chairman
