FASSET ANNUAL REPORT

Our review of the findings raised by Internal Audit, which was based on the risk assessments conducted by FASSET, revealed certain weaknesses, which were then raised with the SETA. The Internal Audit Activity provided reasonable assurance on the effectiveness and efficiency of governance, risk management, and control processes. The Internal Audit function expressed a few concerns regarding the system of internal controls as partially adequate to cover strategic and operational risks. Activities in the organisation are governed by written policies and procedures that are reviewed and approved by the relevant governance committee. Management and employees monitor these controls throughout the organization with the necessary delegation of authority and segregation of duties. The areas of concern relate to some practices that do not comply with set policies and, in some instances, policies were not adequate to address key risks. The internal audit work conducted during the year focused on the following: • Performance Information; • Supply Chain Management; • Project Management; • Human Resources Management; • Information and Communications Technology;

external audit; and • Reviewed and adopted the Auditor-General’s report.

The Audit and Risk Committee concurs and accepts the conclusions of the Auditor-General on the annual financial statements and is of the opinion that the audited annual financial statements be accepted and read together with the report of the Auditor-General.

• Projects Site Visits; and • Adhoc Tender Reviews.

Evaluation of financial statements The Audit and Risk Committee has:

• Reviewed the report of the Auditor-General of South Africa (Auditor-General) on the audited financial statements to be included in the Annual Integrated Report; • Reviewed the Auditor-General’s Management letter and Management’s response thereto; • Reviewed significant adjustments resulting from the

FASSET Annual Integrated Report 2020/21

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