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| TRANSPARENCY REPORT

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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.

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