Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 176

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 176
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) and delivery of the internal audit plan, including scope of work performed, the level of resources, and the methodology and coverage of the internal audit plan. Through regular reports from BIA, the Committee: &#8226; reviewed and agreed the internal audit plan, methodology and deliverables for 2024, including consideration of how regulatory priorities are managed alongside cyclical audit plans &#8226; reviewed BIA's audit reports in relation to specific audits, key areas of focus and emerging themes &#8226; tracked the levels of adverse audits and issues raised by BIA and monitored related remediation plans &#8226; received updates on BIA colleague matters, including colleague engagement and resourcing &#8226; discussed BIA's assessment of the control environment and management control approach in Group companies and functions. The Committee supported the new Group Chief Internal Auditor as he transitioned into the role. It welcomed enhancements made to BIA papers which supported the Committee&#8217;s review and understanding of key items of focus for the internal audit team. The Committee noted the independence of the BIA function. It also received regular updates from BIA's quality assurance function and monitored trends in the quality assurance report findings. Committee members, along with the board audit committee chairs of BBUKPLC, Barclays Europe and Barclays US LLC, attended a &#8216;BIA Teach In&#8217;. This covered BIA talent and succession planning, BIA&#8217;s approach to auditable entities and BIA&#8217;s use of AI to support in the effective provision of assurance work. At the end of the year, the Committee approved the 2025 audit plan and also approved BIA's Audit Charter following the annual review. The Committee conducted a performance assessment of BIA for 2024 and concluded it was satisfied with BIA's performance against its objectives agreed with the Committee Chair at the beginning of the year. External audit External audit The Committee monitors the work and performance of KPMG as the Group&#8217;s statutory auditor. The Committee: &#8226; met with key members of the KPMG audit team to discuss the 2024 audit plan and KPMG&#8217;s areas of focus and subsequently approved the 2024 audit plan &#8226; assessed regular reports from KPMG on the progress of the 2024 audit &#8226; discussed KPMG&#8217;s draft reports on control areas of focus and the control environment &#8226; approved the terms of the audit engagement letter