ELRC 202324 Annual Report

EDUCATION LABOUR RELATIONS COUNCIL | 2023/24 ANNUAL REPORT

12.8 Internal Audit

The Committee:

• Considered and recommended the internal audit charter for approval by the Executive Committee. • Approved the annual internal audit plan to ensure alignment with the key risks of the business. • Reviewed the significant matters arising from internal audit reports, assessed management’s response to significant internal audit findings and notable control weaknesses. This included discussing with management potential improvements and agreed actions, and the efficiency by management on the implementation of the audit recommendations and/or corrective action plans . • Interacted with the in-year internal audit progress reports , including, the assurance audits, follow-up of prior audit reports (resolution status of issues raised during the year) and mandatory quarterly reviews (performance information report, financial statements, compliance checklist and risk register) and the annual report. • Is satisfied that the Internal Audit Function is operating effectively and that it has addressed the risks pertinent to the ELRC and accomplished its annual operational plan.

• Has satisfied itself that the internal audit function was appropriately independent. • Internal audit has access to the Committee, primarily through its chairperson. • Internal Audit was effective during the financial year.

12.9 External Audit

The Committee:

• Is satisfied that the Council’s external auditor, RSM South Africa, is independent of the Council and is therefore able to conduct its audit functions without any influence from the Council. The designated external audit partner rotates every five years. • Interacted and considered the Annual Audit Memorandum (APM), approved the audit fees. • Assessed the performance of the External Auditor, the audit process, and the quality of the audit. • Reviewed the Auditor’s Report and Management Report. • Met with the External Auditor to ensure that there are no unresolved issues that emanated from the audit. RSM South Africa has confirmed its compliance with the ethical requirements regarding independence and is considered independent with respect to the ELRC as required by the codes endorsed and administered by the Independent Regulatory Board for Auditors (IRBA),

12.10 Compliance with Laws and Regulations The Committee is extremely satisfied with the compliance level of the ELRC in respect of laws and regulations.

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