| TRANSPARENCY REPORT
75
LEGAL STRUCTURE, OWNERSHIP AND GOVERNANCE
The members of the RSM UK Audit LLP
Management Board are appointed by a vote of
the members of RSM Audit LLP on candidates
approved by RSM UK Group LLP. Members
are appointed for terms of four years and
are eligible to stand for re-election with the
approval of RSM UK Group LLP.
The Management Board is responsible for all
aspects of the management and governance
of the LLP. Any of the Management Board's
powers may be delegated to any individual
member or members of the Board and, in
practice, the responsibility for the day-to-day
operational management of the service line is
entrusted to the Head of Audit who carries out
such management with the Audit Management
Team (AMT).
The Management Board meets at least three
times a year and additionally as required. All
Board meetings in the year were attended
by all Board members holding office at the
relevant time. The agenda consistently covers
a discussion on aspects of governance and
a report by the Head of Audit on operational
issues and financial performance.
Audit quality always features prominently at
the meetings. The Head of the Quality provides
a written report and the Board monitors closely
actions taken to address findings. Specifically,
the Board discusses and ratifies any proposed
RI appointments and changes in authorisations,
and monitors whether training requirements
are being addressed.
The Management Board invited the
PIC to relevant Board meetings.
Reports from external regulators are discussed
and the firm's action plans to address regulatory
findings are critically assessed and monitored on
an ongoing basis. Finally, any ethical issues are
raised and discussed so that action plans can be
put in place where appropriate.
The Head of Audit sits on the National
Leadership Team and raises any issues
which might affect the way RSM UK Audit
LLP achieves the purpose of the Audit Firm
Governance Code.