Page 263 - SAMRC Annual Report 2024-2025

FINANCIAL INFORMATION

ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
AUDIT COMMITTEE REPORT

We are pleased to present our report for the audited The effectiveness of
financial year ended 31 March 2025.
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
5 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 27 May 2025. corrective actions and suggested enhancements to the
controls and processes. From the various reports of
NAME NUMBER OF the Internal Auditors, the Audit Report on the annual
OF MEMBER MEETINGS ATTENDED
financial statements, and the management report of
Ms D Dondur (Chairperson the Auditor-General South Africa, it was noted that
from 1 November 2022) 5 no matters were reported that indicate any material
deficiencies in the system of internal control or any
Doctor M Madikizela deviations therefrom. Accordingly, we can report that the
(appointed 1 November 2019) 5 system of internal control over financial reporting for the
period under review was efficient and effective.
Professor T Mavundla
(appointed 1 November 2019) 4 The audit committee is satisfied with the content and
quality of monthly and quarterly reports prepared and
Professor E Mukwevho issued by the entity during the year under review.
(appointed 1 November 2022) 5
Evaluation of audited
Associate professor T Naledi
(appointed 1 November 2022) 4 annual financial statements

Ms J Williams (independent The audit committee has:
audit committee member • reviewed and discussed the audited annual financial
from 1 November 2022) 5 statements to be included in the annual report, with
the Auditor-General and the Accounting authority;
Mr J Watson (independent
audit committee member) 5 • reviewed changes in accounting policies and
practices;
Audit committee responsibility • reviewed the entities compliance with legal and
regulatory provisions
The audit committee reports that it has complied with its
responsibilities arising from section 55(1)(a) of the PFMA Internal audit
and Treasury Regulation 27.1.
The audit committee is satisfied that the internal audit
The audit committee also reports that it has adopted function is operating effectively and that it has addressed
appropriate formal terms of reference as its audit the risks pertinent to the entity and its audits.
committee charter, has regulated its affairs in compliance
with this charter and has discharged all its responsibilities
as contained therein.

SAMRC ANNUAL REPOR T 2025-26 261