ECIC IR 2023

ANNUAL Financial Statements for the year ended 31 March 2023

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Audit Committee Report

Internal financial controls A high‑level review of the design, implementation and effectiveness of the Corporation’s internal financial controls was performed as per the internal audit plan. The review aimed to provide comfort on financial reporting controls, which are relied on in preparing the annual financial statements. Based on the information and explanations given by management and the internal auditor, and discussions with the independent external auditor on the results of their audit, the committee believes the system of internal controls for the period under review was adequate, efficient and effective. Finance function The committee is satisfied that the Chief Financial Officer has the appropriate expertise and experience to meet the responsibilities of the role. Furthermore, the committee has considered and satisfied itself of the appropriateness of the expertise and adequacy of resources of the finance function. Integrated reporting The committee has reviewed the integrated report of the Corporation for the year ended 31 March 2023 and submits that management is presenting an appropriate view of the entity’s position and performance. The quality of the in‑year management and monthly/ quarterly reports submitted in terms of legislation The committee is of the opinion, based on the information and explanations provided by management as well as the results of audits performed by the internal and external auditors, that the financial information provided by management to users of such information is adequate, reliable and accurate. Evaluation of financial statements The committee has evaluated the annual financial statements of the ECIC for the year ended 31 March 2023. It has also reviewed: c The external auditors’ report; c The external auditors’ management report and management’s responses thereto; c Any changes in accounting policies and practices; c The Corporation’s compliance with applicable legal and regulatory provisions; c Information on predetermined objectives included in the annual report;

c The quality and timeliness of the financial information availed to the committee for oversight purposes during the year; and c Any significant adjustments resulting from the audit. Significant matters that the committee has considered in relation to the audit of the annual financial statements, and how these were addressed by the committee No significant matters were identified during the audit. Summary of main activities undertaken by the committee during the financial year under review The committee performed the following activities during the year: c Reviewed the Corporation’s integrated report and processes and recommended the same to the Board for approval; c Approved the audit plan and budget for the external audit firms and the internal audit firm; c Considered the Corporation’s annual financial statements; c Reviewed accounting policies and practices and consider any significant changes or departure from accounting policies and practices; c Reviewed the basis on which the Corporation has been determined as a going concern; c Considered the progress of the implementation of the IFRS 9 and IFRS 17 project plan; c Oversight on tax compliance; c Considered and recommended for Board’s approval the quarterly performance reports to be submitted to the Department of Trade, Industry and Competition ( the dtic ); and c Reviewed the finance function and the Chief Financial Officer’s performance. The arrangements in place for combined assurance and the committee’s views on its effectiveness The Committee reviewed the Combined Assurance Plan that stipulates three lines of defence in accordance with King IV and recommended it to Board for approval. Whilst King III introduced the Combined Assurance concept, King IV further enhanced it into a practice that co‑ordinates the roles of all assurance providers into a cohesive whole for purposes of ensuring an effective control environment that strengthens decision making.

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