The Audit and Risk Committee
The Audit and Risk Committee provides independent, objective oversight and review. However, it does not assume any management responsibilities or perform any management functions. The Audit and Risk Committee makes decisions on matters relating to the scope of its responsibilities and presents such decisions to the Council for ratification.
The Audit and Risk Committee is tasked to assist the Council in discharging its duties relating to:
- the safeguarding of assets;
- Council’s compliance with legal and regulatory requirements;
- the External Auditors’ independence: performance of the entity’s internal and external auditors functions;
- preparation of accurate financial reporting and statements in compliance with all applicable legal requirements and accounting standards; and
- overseeing the quality, integrity and reliability of Umalusi’s risk management.
The Council must approve the Charter of the Audit and Risk Committee, and must review these annually, to ensure their continued relevance. In addition, Umalusi must disclose in the Annual Report an adoption of the Charter for the Audit and Risk Committee; and whether the Audit and Risk Committee has satisfied its responsibilities for the year in compliance with the terms of reference.