Audit

The budget for NSTAB is held and accounted for by SG, so there is no need for NSTAB to prepare separate accounts and there will be no separate external audit undertaken by Audit Scotland.

Internal audit is a governance requirement. This will be carried out by the SG Directorate of Internal Audit and Assurance.

NSTAB will agree with the Portfolio AO and with the SG Directorate of Internal Audit and Assurance whether it is appropriate to set up an Audit Committee. Any Audit Committee established will follow the guidance set out in the Audit Committees section of the Scottish Public Finance Manual.

The NSTAB Secretariat will:

• ensure that internal audit arrangements comply with the requirements of the Internal Audit section of the Scottish Public Finance Manual;
• ensure SG sponsors receive timely copies of all audit documents, including the audit charter, strategy, periodic audit plans and annual audit assurance report;
• keep records of, and prepare and forward promptly to the SG an annual report on any fraud or theft in NSTAB and notify the Portfolio AO or Senior Sponsor at the earliest opportunity of any unusual or major incidents.