Audit committee report, reference to correspondence with UK FRC

Worldpay Group plc – Annual report – 31 December 2016

Industry: financial

Audit Committee (extract)

Significant issues considered by the Audit Committee in relation to the financial statements (extract)

Significant issue considered by the Committee How the issue was addressed by the Committee
Correspondence with the Financial Reporting Council (FRC):

In the latter part of 2016 and early 2017, the Group received and responded to correspondence from the FRC’s Corporate Governance & Reporting Division in relation to the Group’s Annual Report and Accounts 2015. The majority of the queries raised by the FRC related to additional clarification and explanation which were dealt with satisfactorily in our responses. However, in a small number of cases, undertakings were made to present information differently in the Group’s financial statements or to provide additional explanatory notes to the financial statements.

The Committee reviewed management’s responses to the FRC letters and agreed with their content, providing approval for each letter to be submitted. In addition, the Committee discussed with management and the external auditor the completeness and quality of the disclosures in the Annual Report and Accounts 2016 in light of the correspondence with the FRC during the year and the latest guidance issued by the FRC. The Committee approved the Annual Report and Accounts 2016. All queries are now closed.
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