Internal and External Audit Arrangements

Internal Audit Arrangements

Blackwood has a statutory responsibility for maintaining an effective internal audit activity. Blackwood’s Internal Audit function is currently provided by an experienced audit firm called MHA Henderson Loggie. They are commissioned to provide an independent, risk-based assurance and consultancy based internal audit service.

Internal audit provides information on the various strengths and weaknesses on a range of aspects of our operational or governance approaches. The audit process provides recommendations where improvements are necessary and desirable to ensure good practice and effective risk management is adopted across the organisation.

In line with good practice, the internal audit process provides our Audit and Performance Committee with an independent assessment of services and processes.  The committee receive the results of each audit as well as scrutinising the implementation of any actions. Committee oversees the Annual Internal Audit Report and Statement, which summarises all the work completed during the year.

External Audit Arrangements

Blackwood is subject to an annual external audit, which reviews the accuracy of our financial statements and records.  The purpose of this statutory audit is to determine whether Blackwood provides a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records, and financial transactions. 

Our independent, external auditor will issue a report detailing whether they have obtained reasonable assurance about whether the financial statements are free from material misstatement in accordance with International Standards on Auditing (UK) and applicable law.