The Audit Committee

We have established the Audit Committee as a sub-committee of the KLTR Advisory Board.

The role of the Audit Committee is to support the Accountable Officer and Board in overseeing and monitoring the KLTR’s corporate governance, financial reporting, risk management and associated systems of internal control, providing assurance to the AO and Board on the efficacy and integrity of the arrangements, activities and processes in place.

The Audit Committee consists of three independent, non-executive members appointed by the Chief Executive Officer; one of whom is appointed as Chair.

The role of the Non-Executive Directors of the Audit Committee includes:

• Provide input, oversight, and challenge over internal controls and risk management processes, assessment of risks, and determination of risk appetite as part of the overall strategy setting.
• They ensure the independence and objectivity of the external auditor and assess their performance, discussing any issues raised during the audit. Additionally, the ARC approves the terms of engagement for the audit, develops policies for non-audit services, and reviews the findings of the audit, including management's response.

Meeting Attendees include:

• The KLTR
• KLTR Chief Executive Officer/Accountable Officer
• KLTR Chief Finance Officer
•  KLTR Head of Governance
• Director of Finance (COPFS)
• External Auditors
• 3^rd Party Assurance provider (if appointed)
• Other members of KLTR as required to present papers

Specific guidance on how the Chair and Committee members should discharge their duties is provided in their appointment letters. Guidance on governance good practice is available in the Scottish Public Finance Manual.

▶ Audit Committee Terms of Reference

Audit Committee Meeting Minutes 12.09.24