CIPC Annual Report V1

15. Audit Committee Report

and complexity of the case. Investigation reports are used to decide on action to be taken in line with CIPC disciplinary and other applicable policies. 10. Minimising conflicts of interest The CIPC has implemented mechanisms to minimise conflicts of interest by stakeholders. External governance committees’ members are required to declare their interest upon appointment and at the beginning of each meeting. Finance and SCM related processes address declaration by suppliers and service providers. The requirement to formally declare actual and or potential conflict interest by employees was applicable to the senior management level. Upon identifying the risk exposure of not requiring all employees to declare, a policy which requires all employee to declare their interest was developed and will be approved once the consultation process with organised labour is concluded . 11. Code of Conduct The Code of Conduct defines who we are and how we act whilst pursuing the CIPC’s goals. Our conduct is closely aligned with the ethical behaviour expected of each employee and stakeholder involved with the CIPC. The Code of Conduct and Ethics has been updated and aligned with other policies of the organisation. The updated Code will be implemented once the process of consultation with organised labour is concluded. 12. Health, safety and environmental issues The CIPC’s business operations conducted within an office environment has been maintained to be a safe and conducive working environment as inspections were conducted and minor safety risks and hazards identified addressed to mitigate any such risks/hazards timeously. No loss of live and/ or injuries occurred during the reporting period. 13. Company/Board Secretary

We are pleased to present our report for the financial year ended 31 March 2021. Audit Committee Responsibility The Audit Committee reports that it has complied with its responsibilities arising from Section of the Public Finance Management Act and Treasury Regulation 3.1.13. The Audit Committee also reports that it has adopted appropriate formal terms of reference as its Audit Committee Charter, has regulated its affairs in compliance with this charter and has discharged all its responsibilities as contained therein, except that we have not reviewed changes in accounting policies and practices. The Effectiveness of Internal Control Our review of the findings of the Internal Audit work, which was based on the risk assessments conducted in the public entity revealed certain weaknesses, which were then raised with the public entity. The following internal audit work was completed during the year under review: • Website and Query Resolution System audit • Communication audit • ICT governance audit • IT general Controls follow up audit • Cyber security audit • Business continuity audit • Bizportal system audit • SCM and contract management audit • Budget ad expenditure management audit • Revenue Management audit • Staff training audit • Occupational Health Safety audit (COVID-19 compliance) • Financial Statement Reporting audit • IMPRA collecting society audit The following were areas of concern: • Policies and Procedures not updated • Non-compliance with policies and procedures • Internal and external vulnerabilities of systems • Irregular expenditure identified In-year management and monthly/quarterly report

Not applicable.

14. Social responsibility

Not applicable.

COMPANIES AND INTELLECTUAL PROPERTY COMMISSION I Annual Report 2020/21

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