A route operator must establish and maintain an internal audit function which shall provide, without limitation, for the following:
| (a) |
the review and evaluation of the adequacy of internal controls; |
| (b) |
monitoring the compliance with the minimum internal control standards and other provisions in terms of national and provincial legislation; |
| (c) |
the reporting to the board of directors or committee thereof, or management and the provincial licensing authority of instances of non-compliance with these minimum internal control standards or any national or provincial legislation; |
| (d) |
the reporting to the board of directors or committee thereof, or management and the provincial licensing authority of any material weaknesses or shortcomings in the system of internal control; |
| (e) |
the recommendation to management of procedures to eliminate any material weaknesses or shortcomings in the system of internal control; and |
| (f) |
the preparation and maintenance of reports documenting the information referred to in subregulations (a) to (e). |
Gas Regulator Levies Act, 2002
