DID ANNUAL REPORT 2023_24

Annual Report 2023-2024

• Implemented ad hoc request from management that enhance the culture of compliance and internal control consciousness. 11. INTERNAL AUDIT AND AUDIT COMMITTEES Key activities and objectives of the internal audit An internal audit is a managerial tool that serves to improve processes and internal controls within a department. Internal Audit’s objective is to provide an assessment of the department’s risks, control environment, and operational effectiveness. Through the Internal Control Unit, the Department sourced the service of the GAS to ensure the following services is rendered: • Consistently reviewing departmental business practices. • Evaluating that risk management procedures are in place. • Implementing controls to protect against fraud and theft of the departmental assets and service rendered value for money. • Ensuring laws and regulations are compliant. • Making recommendations on process improvement. Primary Objectives • To enforce and strengthen accountability from institutions, improve the internal control environment and promote the culture of professional ethics and good governance. • To ensure the availability of a well-resourced, functional and sustained internal audit function. • To ensure sound relationships with all assurance providers, oversight structures and other stakeholder to achieve an effective combined assurance system. • To ensure effective and efficient internal and external audit processes in a coordinated manner. • To promote sound functional interaction between the internal audit and other assurance providers. • To ensure adequate and effective corporate governance, encompassing fraud and risk management, information management, internal control, financial management and reporting systems. • To enforce accountability in terms of financial and performance management for effective service delivery. • To ensure compliance with relevant laws and regulations. Fundamental responsibilities • Review, amend and adopt the GPG Audit Committee Charter annually or sooner if deemed necessary. • Assess the processes related to the risk and control environment pertaining to each GPG institution in that cluster. • Oversee the financial, non-financial reporting process, as well as IT governance, evaluate the internal and external audit process. • Foster and improve open communication and contact among relevant stakeholders in the institution in that cluster. • Assess the relevance of and credibility of the outcome of the institution predetermined objectives, counsel and monitor the implementation of action plans. • Review the governance arrangements, processes and structures, as well as information relating to the adequacy, efficiency and effectiveness of internal controls relating to ICT. Key activities and objectives of the audit committee According the Audit Committee Charter, the following are fundamental responsibilities and primary objectives of the committee:

84

DEPARTMENT OF INFRASTRUCTURE DEVELOPMENT