Reviewing Accounts and Control Procedures
The Committee has various responsabilities that include:
- Appointing statutory auditors and monitoring their work (oral presentations and written report to the Board of Directors).
- Examining the parent company's financial statements and consolidated financial statements before they are reviewed by the Board of Directors.
- Monitoring the implementation of internal control and risk management procedures.
- Auditing the effectiveness of such procedures, with the help of the internal audit department.
- At the Board of Directors' request, reviewing major transactions being considered by Total.
- Implementing and monitoring compliance with the Financial Code of Ethics.
- Implementing and monitoring a whistleblowing process concerning accounting, internal control and audit issues. The process is available to employees, shareholders and third parties.
- Where applicable, reviewing major transactions that might have given rise to a conflict of interest.
- Reviewing the procedure for booking Total's proved reserves.
Members and Procedures
The Audit Committee meets at least seven times a year:
- Quarterly, to review Total S.A.'s financial statements and the annual and quarterly consolidated financial statements.
- Another three times a year or more, to take up matters not directly related to the review of quarterly financial statements.
As of May 24, 2016, the Audit Committee is composed of:
- Marie-Christine Coisne-Roquette, Chairwoman,
- Patrick Artus,
- Gérard Lamarche.
The Audit Committee a number of prerogatives:
- It may consult the Chairman of the Board of Directors or any senior executive, as applicable.
- It may visit or consult business or functional unit managers if doing so would help it carry out its responsibilities.
- It may consult with anyone involved in preparing or auditing financial statements — Chief Financial Officer and the principal Finance, Audit and Legal Affairs managers — by asking the Company's Chief Financial Officer to notify them of a meeting.
- At least once a year, the statutory auditors make a formal presentation to the Audit Committee, with no Company representative present.