The function of the Audit Committee is to serve as an independent and objective body with oversight of:
- UBS Group AG’s and the Group’s accounting policies, financial reporting and disclosure controls and procedures;
- the quality, adequacy and scope of external audit;
- UBS Group AG’s and the Group’s compliance with financial reporting requirements;
- the Executives’ approach to internal controls with respect to the production and integrity of the financial statements and disclosure of the financial performance; and
- the performance of Group Internal Audit in conjunction with the Chairman.
The Executives are responsible for the preparation, presentation and integrity of the financial statements. External auditors are responsible for auditing UBS Group AG’s and the Group’s annual financial statements and for reviewing the quarterly financial statements.
The Audit Committee members must fulfill special rules indicated in the Organization Regulations of UBS Group AG. It is comprised of following independent members of the Board:
The Committee operates under the Audit Committee Charter as described in the Organization Regulations.