Financial Audit Services

Descriptions

Financial Audit Services

o Provide reasonable assurance over NESO's financial records in accordance with applicable accounting standards (IFRS ).

o Verify that financial statements are free from material misstatements due to fraud, error, or irregularities.

o Evaluate internal financial controls, focusing on risks associated with financial misreporting, operational inefficiencies, or compliance failures.

o Provide an audit opinion on the true and fair representation of NESO's financial position, performance, and cash flow.

o Conduct testing of key accounts to provide reasonable assurance over the financial assertions.

o Update NESO leadership and Audit & Risk Committee (ARC) regarding relevant changes in legislation and regulation.

o Report on external audit progress to NESO leadership, including attendance at bi-monthly ARC meetings and other board or committee meetings as required.

o Provide guidance to NESO leadership in particular the Chief Financial Officer (CFO), chair of ARC, director of financial control, and the accounting & reporting lead on accounting and financial matters.

o Liaise and coordinate with the CFO, director of financial control and accounting & reporting lead via a monthly progress meeting to ensure full exchange of information.

o Produce an annual SOC1 report evaluating the effectiveness of NESO financial controls in relation to transmission revenue charging, for external distribution to UK transmission owners, including National Grid Electricity Transmission (NGET).