While the statement refers to an Audit Committee and Internal Audit (team/department?) it is unclear whether audits are actually conducted, if so by whom they might be conducted, and under what circumstances.

"Risk assessment

The BM has on-going relationships with stakeholders across the globe. High risk areas are subject to scrutiny by the Board of Trustees and the Audit Committee, supported by Internal Audit. During the year the BM’s procedures for monitoring and providing advice on client employment practices were reviewed and were found to be effective."