Audit and Risk Committee

  • Gaylene Deiner
  • Sam Mthembu
  • Thabang Makwetla

Audit and Risk Committee

The Audit and Risk Committee has been established in terms of sections 51(1)(a)(ii) and 76(4)(d) of the PFMA and the Treasury Regulation 27.1, to review and monitor the scope and effectiveness of the internal and external audit function.

The Committee has formal terms of reference, dealing adequately with its authority and duties. The Committee has satisfied its responsibilities for the year, in compliance with its terms of reference. The Audit and Risk Committee maintains an effective working relationship with the Board, Management, and internal and external auditors.

The responsibilities of the Audit and Risk Committee include:

  • Determining the adequacy and effectiveness of the internal control systems;
  • Evaluating effectiveness or 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 ensuring 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 and performance of operational activities and systems, together with the attendant business risks and financial controls;
  • 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 procedures to review compliance to the Codes of Ethics and Conduct.