The Governing Board must appoint an audit committee in accordance with the provisions of the Public Finance Management Act and any relevant treasury regulations.
| 37.2 |
Duties and functions |
| 37.2.1 |
The audit committee must, amongst others, review the following: |
| 37.2.1.1 |
the effectiveness of the internal control systems; |
| 37.2.1.2 |
the effectiveness of internal audit; |
| 37.2.1.3 |
the risk areas of AgriSETA's operations to be covered in the scope of internal and external audits; |
| 37.2.1.4 |
the adequacy, reliability and accuracy of financial information provided to management and other users of such information; |
| 37.2.1.5 |
any accounting and auditing concerns identified as a result of internal and external audits; |
| 37.2.1.6 |
the AgriSETA's compliance with legal and regulatory provisions; and |
| 37.2.1.7 |
the activities of the internal audit function, including its annual work programme, coordination with the external audits, the reports of significant investigations and the responses of management to specific recommendations; and |
| 37.2.1.8 |
where relevant, the independence and objectivity of the external auditors. |
| 37.2.2 |
The audit committee must: |
| 37.2.2.1 |
report and make recommendations to the AgriSETA; |
| 37.2.2.2 |
report on the effectiveness of internal controls in the annual report of the institution; and |
| 37.2.2.3 |
comment on its evaluation of the financial statements in the annual report. |
Copyright Act, 1978
