Public Interest Committee (PIC)
Terms of reference
This document or a derivative of the content will be disclosed in accordance with the Audit Firm Governance Code.
Objective of the group
The PIC’s purpose is to consider public interest matters that affect the firm, and to enhance stakeholder confidence in the public interest aspects of the firm’s activities.
As part of this overall objective the PIC will provide a forum for considering the impact of public interest matters arising from within the profession and wider society through direct engagement with, or a review of information originating from: the firm, the profession and the firm’s wider stakeholder base.
As directed by the Audit firm Governance Code, the firm’s Independent Non-Executives will form the majority of the PIC, one of whom will take the role of Chairman. The other permanent member will be the firm’s Ethics Partner.
Observers will be invited to meetings, as appropriate to the agenda. It is expected that the firm’s Managing Partner will ordinarily attend as an observer.
In accordance with the Audit Firm Governance Code, relevant biographical details will be included within the firm’s Transparency Report.
The PIC will report publicly by way of the firm’s annual Transparency Report.
In accordance with the Audit Firm Governance Code, the PIC and its individual members will form part of the firm’s performance assessment regime.
The PIC will ordinarily meet four times a year with the option for further meetings if required. Meetings will ordinarily be scheduled to take place prior to LT meetings scheduled on the same dates.
The Audit Firm Governance Code requires the firm’s Independent Non-Executives to meet alone to discuss matters relating to their own remit. Each meeting will provide such an opportunity.