ECIC AR 2024 9TH

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Integrated Report 2024

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being a continuation meeting. The committee operates in terms of a formal terms of reference and a Board-approved annual work plan. The external and internal auditors attend committee meetings, have unrestricted access to the committee and Chairperson and can address the Audit Committee at each meeting without the presence of management. The Audit Committee has not recommended the engagement of an external assurance provider on material sustainability issues to the Board as it regards the internal assurance as adequate, given the maturity of existing processes. The committee believes that it has complied with its legal and regulatory responsibilities for the year under review (refer to Audit Committee Report). Assurance statements The Audit Committee is satisfied that: • The ECIC complied with a majority of its legal, regulatory, and other responsibilities; • Correct and up-to-date quarterly returns, required by the PFMA and Treasury Regulations, were lodged with the dtic ; • Accounting policies and financial statements are appropriate and comply with International Financial Reporting Standards and the requirements of the Companies Act, 71 of 2008; • The internal auditor, Nexia SAB&T Chartered Accountants Incorporated was suitably independent; • Internal controls and risk management measures, including internal financial controls, are effective, as outlined in the internal auditor’s written assessment; • Internal financial controls and risk management measures (including internal financial controls) are effective and form a sound basis for reliable financial statements; • The committee executed its duties in terms of the requirements of King IV; • The external auditor was appointed in line with sections 25(1)(b), (2), (3) and (4) of the Public Audit Act, 25 of 2004; • The external auditor is independent in accordance with King IV, which considers previous appointments, other work undertaken for the ECIC, and possible conflicts of interest as described by the Independent Regulatory Board for Auditors; and

• The external auditor provided suitable assurance that internal governance processes within the ECIC support and demonstrate its claim to independence. Activities in 2023/24 The Committee undertook, among others, the following activities: • Reviewed the Corporation’s integrated report and processes and recommended the same to the Board for approval; • Approved the audit plan and budget for the external audit firms and the internal audit firm; • Considered the Corporation’s annual financial statements; • Reviewed accounting policies and practices and considered any significant changes or departure from accounting policies and practices; • Reviewed the basis on which the Corporation has been determined as a going concern; • Considered the implementation of IFRS 9 and IFRS 17 project plan; • Oversight on tax compliance; and • Considered and recommended for Board’s approval, the quarterly performance reports to be submitted to the Department of Trade, Industry and Competition ( the dtic ). Plans for 2024/25 The Committee’s plans for 2024/25 include, among others, the following: • Oversee the compliance with the law and regulations of any other applicable statute and of controlling bodies (legal and regulatory provisions) that may have a material impact on the Corporation’s financial statements or compliance policies; • Identify key matters arising in the current year’s external auditor’s management letter and satisfy itself that they are being properly followed up; and • Consider the Corporation’s tax liability and ensure there are measures in place to ensure that the Corporation addresses and/or mitigates any actual or potential tax leakages. Risk Committee The Risk Committee is responsible for risk identification, evaluation, monitoring, mitigation and management.

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