ECIC IR 2023

ANNUAL Financial Statements for the year ended 31 March 2023

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Independent Auditors’ Report

Annexure - Auditor’s responsibility for the audit Financial statements Professional judgement and professional scepticism As part of an audit in accordance with the ISAs, we exercise professional judgement and maintain professional scepticism throughout our audit of the financial statements and the procedures performed on reported performance information for selected objectives and on the public entity’s compliance with selected subject matters. Financial statements In addition to our responsibility for the audit of the financial statements as described in this auditor’s report, we also: c identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error; design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. c obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the public entity’s internal control.

c conclude on the appropriateness of the use of the going concern basis of accounting in the preparation of the financial statements. We also conclude, based on the audit evidence obtained, whether a material uncertainty exists relating to events or conditions that may cast significant doubt on the ability of the public entity to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the statements about the material uncertainty or, if such disclosures are inadequate, to modify our opinion on the statements. Our conclusions are based on the information available to us at the date of this auditor’s report. However, future events or conditions may cause a public entity to cease operating as a going concern. c evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and determine whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Communication with those charged with governance We communicate with the accounting authority regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the accounting authority with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to have a bearing on our independence and, where applicable, actions taken to eliminate threats or safeguards applied.

c evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made. Annexure – Compliance with legislation – selected legislative requirements Legislation

Sections or regulations

Public Finance Management Act, Act No 01 of 1999

Section 50 Section 51 Section 52 Section 55 Section 56 Section 57

Treasury Regulations

TR 29.1 TR 29.2

Prevention and Combating of Corrupt Activities Act No.12 of 2004 (PRECCA)

PRECCA 34(1)

Preferential Procurement Policy Framework Act 5 of 2000

PPPFA 2.1(a) PPPFA 2.1(b) PPPFA 2.1(f)

NT SCM Instruction Note 03 2021/22

IN 03 2021/22 Par. 4.3 IN 03 2021/22 Par 4.4

Insurance Act, 2017: Act No. 18 of 2017

Section 38 Section 39

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