Audit and Risk Committee

  • Phumlani Mntambo
    Chairperson
  • Vulani Baloyi
    Member
  • Gaylene Deiner
    Member

Audit and Risk Committee

 Audit and Risk Committee which also fulfils the functions of the Ethics Committee:

In terms of sections 51(1)(a)(ii), 76(4)(d) and 77 of the PFMA and regulation 27(1) of the Treasury Regulations, accounting authorities have to comply with the compulsory establishment of an Audit and Risk Committee and an effective internal audit function in the public entity.  In terms of these provisions, the Audit and Risk Committee assists the Board in fulfilling its oversight responsibilities and reviews and monitors the scope and effectiveness of the internal and external audit function.  The responsibilities of the Audit and Risk Committee include:

 

  • Determining the adequacy and effectiveness of the internal control systems;

  • Evaluating the effectiveness of risk management;

  • Performing the functions required of it by law;

  • Reviewing the significant accounting and reporting issues, including professional and regulatory pronouncements, and their impact on the financial statements with a view to ensure consistency with the appropriate accounting principles;

       
  • Reviewing the effectiveness of the internal audit function that is performed by external practitioners, whose major responsibilities include the examination and evaluation of the effectiveness of and performance operational activities and systems, together with the attendant business risks and financial control;

       
  • Reviewing the scope, performance, significant findings and recommendations made by the internal and external auditors; and

       
  • Reviewing any statement on ethical standards or requirements and the procedure to review compliance with the Code of Ethics.