BANKSETA AR 31 AUGUST

AUDIT AND RISK COMMITTEE REPORT

Auditor-General of South Africa’s Report The ARC concurs with the conclusions of the AGSA on the annual financial statements and is of the opinion that the audited annual financial statements may be read together with the audit report of the AGSA. We would like to express our appreciation to the Accounting Authority, CEO and management as well as all the assurance providers for their continued support.

• Reviewed changes in accounting policies and practices; • Reviewed compliance with legal and regulatory provisions; • Reviewed significant financial reporting judgements and estimates contained in the annual financial statements; • Reviewed clarity and completeness of disclosures in the annual financial statements and whether disclosures made have been set properly in context; • Reviewed compliance of the annual financial statements with accounting standards and legal requirements; • Reflected on unusual circumstances or events and management’s explanation for the accounting treatment adopted; • Reviewed reasons for major year-on-year fluctuations, including variances of actual versus budget; • Reviewed levels of general and specific provisions in the annual financial statements; • Reviewed write-offs and reserve transfers in the annual financial statements; • Reviewed the basis for the going concern assumption, including any financial sustainability risks and issues; • Reviewed the unaudited information on predetermined objectives with due consideration of the independent assurance provided by IA as well as the assurance provided by Management; • Reviewed the Auditor-General South Africa (AGSA) audit and management reports, with due consideration of the responses provided by Management; and • Reviewed the audited financial statements as well as the information on predetermined objectives to be included in the annual report for any significant adjustments resulting from the audit report and reported to the Accounting Authority.

Dr. Prittish Dala BANKSETA Audit and Risk Chairperson Date: 5 August 2022

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PART C: GOVERNANCE | BANKSETA ANNUAL REPORT 2021/22