Page 225 - SAMRC Annual Report 2023-24

FINANCIAL INFORMATION

ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
AUDIT COMMITTEE REPORT

We are pleased to present our report for the financial The effectiveness of
year ended 31 March, 2024. internal control
Audit committee members The system of internal controls applied by the entity
and attendance over financial and risk management is effective, efficient
and transparent. In line with the PFMA and the King IV
The audit committee consists of the members listed Report on Corporate Governance requirements, Internal
hereunder and should meet 4 times per annum as per Audit provides the audit committee and management
its approved terms of reference. During the current year with assurance that the internal controls are appropriate
6 number of meetings were held. The unaudited annual and effective. This is achieved by means of the risk
financial statements were reviewed and discussed at a management process, as well as the identification of
meeting held on 22 May 2024. corrective actions and suggested enhancements to the
controls and processes. From the various reports of the
Internal Auditors, the Audit Report on the annual financial
NAME NUMBER OF statements, and the management report of the Auditor-
OF MEMBER MEETINGS ATTENDED
General South Africa, it was noted that no matters were
Ms D Dondur reported that indicate any material deficiencies in the
(Chairperson from system of internal control or any deviations therefrom.
1 November 2022) 6
Doctor M Madikizela Accordingly, we can report that the system of internal
(appointed 1 November 2019) 5 control over financial reporting for the period under review
Professor T Mavundla was efficient and effective.
(appointed 1 November 2019) 3
The audit committee is satisfied with the content and
Professor E Mukwevho
(appointed 1 November 2022) 6 quality of monthly and quarterly reports prepared and
issued by the of the entity during the year under review.
Associate professor T Naledi
(appointed 1 November 2022) 6 Evaluation of annual
Ms J Williams
(independent audit financial statements
committee member from
1 November 2022) 5 The audit committee has:
Mr J Watson • reviewed and discussed the audited annual financial
(independent audit statements to be included in the annual report, with
committee member) 6 the Auditor-General and the Accounting authority;
• reviewed the Auditor-General of South Africa's
Audit committee responsibility management report and management’s response
thereto;
The audit committee reports that it has complied with its
responsibilities arising from section 55(1)(a) of the PFMA • reviewed changes in accounting policies and practices;
and Treasury Regulation 27.1. • reviewed the entities compliance with legal and
regulatory provisions;
The audit committee also reports that it has adopted
appropriate formal terms of reference as its audit Internal audit
committee charter, has regulated its affairs in compliance The audit committee is satisfied that the internal audit
with this charter and has discharged all its responsibilities function is operating effectively and that it has addressed
as contained therein. the risks pertinent to the entity and its audits.

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