Audit committee of the Board

What is the audit committee?

The audit committee is a formally constituted committee of the ESB Board, composed of four non-executive members. It meets regularly and has written terms of reference. The committee meets with the internal auditor and the external auditor to review and discuss the group's:

• Internal accounting controls
• Internal audit function
• Choice of accounting policies
• Internal and external audit programmes
• Statutory auditors' report
• Financial reporting and other related matters

The internal and external auditors have full and unrestricted access to the audit committee.

In accordance with the requirements of the EU Electricity Directive, the ESB Board established a separate committee, the ITSO Committee, to facilitate the independent management of the Transmission System Operator (TSO) function undertaken by ESB National Grid.

The Commission for Electricity Regulation approved these ringfencing arrangements in accordance with regulations establishing a system of trading in electricity.