stGOM – v1 31 March 2010 ___________________________________________________________________ Manual – Section 3.4 3.4 Group Audit Committee – Terms of Reference 3.4.1 Purpose of Committee • The Group Audit Committee (the Committee) is a committee of the Board of Old Mutual plc established to review the principles, policies and practices adopted in the preparation of the financial statements of Old Mutual plc and its subsidiaries (the Group) and to assess whether the interim and annual financial statements of Old Mutual plc and any other formal announcements relating to the Company’s financial performance comply with all statutory and stock exchange requirements. The purpose of the Committee is to assist the Board in discharging its responsibilities for the integrity of the Company's financial statements and the effectiveness of the systems of governance, risk management and internal control and monitoring the effectiveness and objectivity of the internal and external auditors. The Committee will work closely with the Board Risk Committee, which reviews risk management and compliance initiatives and monitors the effectiveness of the risk, compliance and control infrastructure of the Group. • The Committee shall report to the Board, identifying any matters in respect of which it considers that action or improvement is needed, and making recommendations as to the steps to be taken. 3.4.2 Scope of the Committee • The scope of the Committee ...