267694 EdinburghIT AR 2024 WEB - Flipbook - Page 38
36 / GOVERNANCE / THE EDINBURGH INVESTMENT TRUST PLC
AUDIT COMMITTEE REPORT / CONTINUED
assets. The effectiveness of the Company’s system of internal
controls, including financial, operational and compliance
and risk management systems, is reviewed at least annually.
Appropriate action is taken to remedy any significant failings
or weaknesses identified from these reviews. No significant
items were identified in the year. As part of this, the Committee
receives and considers, together with representatives of the
Manager, reports in relation to the operational controls of
the Manager, accounting administrator, custodian, company
secretary and registrar. These reviews identified no issues of
significance during the year.
INTERNAL AUDIT
The Company, being an externally managed investment
company with no employees, does not require its own
specific internal audit function. Instead, it relies on the
control environment of the Manager. An external firm,
Grant Thornton, is engaged by the Manager to provide an
independent review of its control environment. The Manager
has been transparent with the Board in sharing the results of
the review.
INDEPENDENCE
The Chair of the Company was a member of the Audit
Committee during the year in review. The Board and the
Audit Committee believe that this was appropriate as the
Chair has recent and relevant financial experience and
remains independent.
COMMITTEE EVALUATION
The Committee’s activities fell within the scope of the review
of Board effectiveness performed in the year. Details of this
process can be found under ‘Board, Committee and Directors’
Performance Appraisal’ on page 40.
Signed on behalf of the Board of Directors
STEVE BALDWIN
CHAIR OF THE AUDIT COMMITTEE
24 MAY 2024
