ECIC IR 2023

Integrated Report 2023

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Assurance statements The Audit Committee is satisfied that: • the ECIC complied with 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. Instances where these requirements have not been applied, if any, is provided online; • 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; • the external auditor provided suitable assurance that internal governance processes within the ECIC support and demonstrate its claim to independence. Activities in 2022/23 The Committee undertook, among others, the following activities: c Considered the Annual Financial Statements; c Recommended the appointment of the external auditor and supervise the external audit process.

Plans for 2023/24 The Committee’s plans for 2023/24 include, among others, the following: c 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; c identify key matters arising in the current year’s external auditor’s management letter and satisfy itself that they are being properly followed up. Risk Committee The Risk Committee is responsible for the risk identification, evaluation, monitoring, mitigation and management. The Committee provides oversight over the effectiveness and function of the: i. r isk management function, processes and systems; ii. compliance management function; iii. i nformation and communication technology (ICT) function; iv. capital management activities. The committee assists the Board by ensuring that risk management processes and controls effectively identify, assess, monitor and report on key risks in an integrated and timely manner. Mitigation measures against identified risks are to be implemented appropriately. The committee is delegated by the Board to oversee the implementation of applicable regulatory developments, such as the Own Risk Self- Assessment (ORSA), risk appetite and combined assurance. Committee members serve on the Audit Committee; Finance, Investment, and Insurance Committee; Human Resources and Remuneration Committee; and Social and Ethics Committee for ease of collaboration on risk issues. The committee met four (4) times during the 2022/23 financial year. Activities in 2022/23 The Committee undertook, among others, the following activities: • advised the Board on the overall risk appetite, tolerance, and strategy within its existing and future macroeconomic and financial environments;

YOUR EXPORT RISK PARTNER

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