Page 269 - SAMRC AnnualReport 2025-26

F I NAN C IAL I N F O R MA T I O N

ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
AUDIT COMMITTEE REPORT

We are pleased to present our report for the financial Audit committee responsibility
year ended 31 March 2026.
The audit committee reports that it has complied with its
Audit committee members responsibilities arising from section 55(1)(a) of the PFMA
and attendance and Treasury Regulation 27.1.
The audit committee also reports that it has adopted
The audit committee consists of the members listed appropriate formal terms of reference as its audit
hereunder and should meet 4 times per annum as per committee charter, has regulated its affairs in compliance
its approved terms of reference. During the current year with this charter and has discharged all its responsibilities
8 number of meetings were held. The unaudited annual as contained therein.
financial statements were reviewed and discussed at a
meeting held on 25 May 2026.
The effectiveness of
internal control
NAME OF NUMBER OF
MEMBER MEETINGS ATTENDED The system of internal controls applied by the entity

Ms D Dondur (Chairperson over financial and risk management is effective, efficient
from 1 November 2022) 8 and transparent. In line with the PFMA and the King IV
Report on Corporate Governance requirements, Internal
Doctor M Madikizela Audit provides the audit committee and management
(term 1 November 2019 – with assurance that the internal controls are appropriate
31 October 2025) 4 and effective. This is achieved by means of the risk
management process, as well as the identification of
Professor T Mavundla corrective actions and suggested enhancements to the
(term 1 November 2019 –
31 October 2025) 4 controls and processes. From the various reports of the
Internal Auditors, the Audit Report on the annual financial
Professor E Mukwevho statements, and the management report of the Auditor-
(term 1 November 2022 – General South Africa, it was noted that no matters were
31 October 2025) 5 reported that indicate any material deficiencies in the
system of internal control or any deviations therefrom.
Associate professor T Naledi
(appointed 1 November 2022) 8 Accordingly, we can report that the system of internal
control over financial reporting for the period under
Ms J Williams (independent review was efficient and effective.
audit committee member
from 1 November 2022) 8 The audit committee is satisfied with the content and
quality of monthly and quarterly reports prepared and
Mr J. Watson (independent issued by the Accounting Authority of the entity during
audit committee member the year under review.
from 1 November 2022 –
31 October 2025) 5
Evaluation of
Professor R Adam annual financial statements
(appointed 1 November 2025) 3
The audit committee has:
Professor C Africa
(appointed 1 November 2025) 3 • reviewed and discussed the audited annual financial
statements to be included in the annual report, with
Professor S Chetty the Auditor-General and the Accounting authority;
(appointed 1 November 2025) 3 • reviewed changes in accounting policies and
practices;
Professor L Mathiva
(appointed 1 November 2025) 3 • reviewed the entities compliance with legal and
regulatory provisions;

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