To present the approach to Internal Audit Planning and the Internal Audit Charter for 2025-26 to the Audit and Governance Committee for discussion and approval. 

The Head of Internal Audit (HIA) introduced the report the purpose of which was to present the approach to Internal Audit Planning and the Internal Audit Charter for 2025-26.The following principal points were noted.

1.     It was proposed that the rolling approach that was used last year would continue.

2.     Swap had been subject to an external quality assessment (eqa) in December 2024 which confirmed their conformance with the 2017 International Professional Practises Framework. 

3.     They are working to the new global internal audit standards. The next eqa that they will be preparing for will be to the new standards that have been introduced effective from April, and she hoped to bring some information to the committee and a training session on those new standards, what that means and the changes it will bring.

Resolved

That the Committee approved the rolling audit plan approach, and the Audit Charter.