ELRC 202324 Annual Report

EDUCATION LABOUR RELATIONS COUNCIL | 2023/24 ANNUAL REPORT

L EDUCATION LABOUR RELATIONS COUNCI

12. AUDIT AND RISK COMMITTEE REPORT: 2023/24 ANNUAL FINANCIAL YEAR

12.1 Background The Audit and Risk Committee (ARC) has been established as an independent committee, in terms of the ELRC constitution and Annexure A of Collective Agreement No. 1 of 2006. The Committee has adopted formal terms of reference, which are regularly updated and approved by the Council. The primary role of the Committee is to assist the Executive Committee in fulfilling its oversight responsibilities in areas such as the integrity of financial reporting, the effectiveness of the risk management framework and system of internal controls, as well as consideration of ethics and compliance matters.

The Committee presents its report for the financial year ended 31 March 2024.

12.2 Membership and Attendance for 2023/24 The Committee comprises five representatives, with three being independent of the parties to the Council. In terms of the Committee’s mandate, at least four meetings should be held annually, although additional special meetings may be called as the need arises.

The following meetings were held during the 2023/24 financial year:

• 5 May 2023 • 25 May 2023 (Special) • 27 July 2023 • 15 August 2023 (Special)

• 1 November 2023 • 2 February 2024

The ARC members and meeting attendance were as follows:

Name of Member

Changes during 2023/24

Number of Meetings Attended

Mr. Ngobeni SA (Chairperson)

6 6 5 4 0 1

Dr Motau C Ms. Masite J

Mr. Maluleke M

Ms. Matjiu K

Terminated on 31 August 2023 Elected on 31 August 2023

Mr. Serache OG

The General Secretary/Chief Executive Officer, Chief Financial Officer, head of internal audit, other members of senior management and representatives of the external auditor of the ELRC attend the committee meetings by invitation. Committee agendas provide for confidential meetings between committee members and the internal and external auditors, as well as management.

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