IE Domain Registry t/a .IE

The Audit Committee operates under written terms of reference agreed by the Board which are reviewed on a regular basis. The Audit Committee is appointed by the Board from the Non-Executive Directors of the Company and consists of not less than three members, at least one of whom has the “relevant financial experience”. The Committee is authorised by the Board to investigate any activity within its terms of reference. It may also seek any information it requires from any employee and all employees are directed to co- operate with any request made by the Committee. The Committee has the authority to obtain outside legal or other independent professional advice and to secure the attendance of relevant experts, if it considers this necessary. Statement from the Chair of the Audit Committee The financial reporting framework that has been applied in the preparation of the financial statements is the Companies Act 2014 and FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland. The role of the Audit Committee is important as it reviews the effectiveness of the Company’s internal controls to provide assurance on the Company’s financial reporting process and compliance with all legal and regulatory requirements. The Committee will continue to keep the risk management and internal control framework under review to ensure the integrity of the financial reporting process in a changing environment. The duties and key responsibilities of the Committee are: ▶ to consider the appointment of the external auditors, to make recommendations to the Board about the audit fee and any questions of resignation or dismissal ▶ to discuss with the external auditors, before the statutory audit commences, the nature and scope of the audit and to review the audit plan ▶ to review the minutes of meetings of the Investment Committee as part of the audit planning process ▶ to review the Risk Register on annual basis. ▶ to review the annual financial statements before submission to the Board and focus on: • critical accounting policies and decisions requiring a significant element of judgement and any changes in accounting policies and practices • compliance with accounting standards, legal requirements and regulations • major areas of judgement and major or unusual transactions and how they are disclosed • company policy and practice with regard to insurance and investment risk mitigation and controls • significant adjustments to the financial statements as a result of the external audit • any problems and reservations arising from the audit and any matters the auditor may wish to discuss (in the absence of management where appropriate) ▶ to review the external auditor’s management letter and management’s response ▶ to keep under review the effectiveness of internal control systems and of procedures for staff raising matters in confidence ▶ to report to the Board of Directors on how it has discharged its responsibilities. It is the Committee’s view that during the year it has discharged its duties and key responsibilities. Eamonn Ceannt Chair of the Audit Committee 20 April 2021 Corporate Governance IE Domain Registry CLG t/a .IE / Annual Report & Review 2020 13 The Audit Committee The Company’s Audit Committee is responsible to the Board of Directors for the co- ordination and oversight of the financial reporting process, the external audit function, the system of internal financial controls, regulatory compliance and all matters related to the legal integrity of the Company.