Corporate Governance Report  | continued *  A Committee of the Group Chairman, Audit Committee Chairman, Chief Executive and Finance Director are  authorised from time to time to review and approve the release of interim management statements. charter and the annual workplan, which is  developed on a risk-based approach. In recent  years there has been a significant increase in the  resources allocated to IT Audit. The Committee  meets regularly with the senior IT Audit Manager to  discuss IT Audit strategy, the key areas of focus  and agrees the annual IT Audit workplan. The Head  of Internal Audit reports to the  Audit Committee  on  the findings of internal audit reviews and related  follow-ups and the outcome of control testing in  connection with Section 404 of the Sarbanes- Oxley Act 2002. Assessments of the Internal Audit function are  carried out periodically by management and  validated by an independent third party assessor.  The most recent assessment was conducted in  late-2009, during which no major weaknesses  were identified; the assessment did result in a  number of recommendations, most of which have  been implemented, and the Committee receives  updates on the status of the implementation of  the remaining recommendations.  The Head of Internal Audit attends the majority of  the meetings of the  Audit Committee . The  Committee agrees the Internal Audit strategy, its  A typical calendar of meetings for the  Audit  Committee , which includes a general outline of the  main agenda items, is set out above. The Finance  Director, Head of Group Finance and the Head of  Internal Audit generally attend Committee  meetings. The external auditors, Ernst & Young,  attend the majority of meetings. Other attendees  are noted against the relevant agenda item.  The responsibilities of the  Audit Committee  are set  out in full in its terms of reference, which are  available on the CRH website. Date Activity Attendees  by invitation February – Consideration of the financial Statements (including  report from the external auditors on Integrated  Audit Results and Communications) – Approval of external audit fee – Internal Audit review of savings announced under  the Group’s cost reduction programme  – Annual assessment of risk management and  internal control systems  – Approval of Internal Audit workplan  – Review of reports on the operation of the CRH  Code of Business Conduct, the Competition/ Anti-trust Compliance Code and the arrangements  in place to enable employees to raise concerns, in  confidence, in relation to possible wrongdoing in  financial reporting or other matters Chief Executive  Group Strategic Financial Risk  Manager Head of Compliance and Ethics March – Review of Annual Report on Form 20-F May – Review of interim management statement* Chairman, Chief Executive July – Preliminary consideration of interim results – Approval of the external audit plan  – Updates on accounting and auditing developments – Update on Internal Audit work/activities  Chief Executive August – Review of interim results announcement Chairman, Chief Executive September – Meeting with senior finance personnel from the  Americas Divisions  – Preliminary review of goodwill impairment and  sensitivity analysis Senior finance personnel October – Meeting with senior finance personnel from the  European Divisions  – Preliminary review of interim management statement Senior finance personnel November – Review of interim management statement* Chairman, Chief Executive December – Review of outcome of goodwill impairment and  sensitivity analysis  – Update on Internal Audit work/activities – Approval of non-audit fees provided by external auditors Typical Audit Committee Calendar Role and Responsibilities Internal Audit 46 CRH – make recommendations to the Board in relation  to the appointment or removal of the external  auditor (see provisions regarding the re- appointment of auditors under Irish company  law which are referred to on page 47). – approve the remuneration and terms of  engagement of the external auditors;  – develop and monitor the policy on non-audit  services to be provided by the external auditors; – review the effectiveness of the audit process and  the independence and objectivity of the external  auditors; – monitor and review the effectiveness of the  internal audit function; – keep under review the adequacy of the Group’s  compliance function; – review the Company’s arrangements for its  employees to raise concerns, in confidence,  about possible wrongdoing in financial reporting  or other matters and review the Company’s  procedures and systems for detecting fraud and  preventing bribery; – keep under review the effectiveness of the  Company’s internal controls and the internal  control and risk management systems and  review and approve statements to be included in  the Annual Report regarding internal control and  risk management; – monitor the audit of the financial statements; – monitor the financial reporting process, the  integrity of the financial statements, including  the Annual and Interim Reports, preliminary  results announcements, interim management  statements and any other formal  announcement relating to the financial  performance of the Company, and to review  significant financial reporting issues and  judgements which they contain; The primary responsibilities of the  Audit  Committee  are to: 