Economic Development Annual Report

Annual Report 2023/2024 Mpumalanga: Department of Economic Development and Tourism - Vote 6

12. AUDIT COMMITTEE REPORT We are pleased to present the draft report for the Financial Year ended 31 March 2024. Audit Committee Responsibility The Audit Committee reports that it has complied with its responsibilities arising from section 38(1) (a) (ii) of the Public Finance Management Act and Treasury Regulation 3.1. The Audit Committee also reports that it has adopted appropriate formal terms of reference as its Audit Committee Charter, has regulated its affairs in compliance with this charter and has discharged all its responsibilities as contained therein, except that we have not reviewed the changes in accounting policies as these changes are as per the National Treasury instruction. The effectiveness of Internal Control The work performed by Internal Audit throughout the year was reviewed by the Audit Committee. From the various reports of the Internal Auditors which was based on a risk assessment as well as from the report of the Auditor General South Africa, it was noted that matters reported, revealed some deficiencies in the system of Internal Controls. These weaknesses were raised with the Department to implement corrective actions. Areas of correction included financial statements, reporting on pre-determined objectives and compliance with laws and regulations. The following internal audit work was completed and presented to the Audit Committee during the year: Assurance Services • Risk Management, IT and Governance Processes • Review of the Interim Financial Statements • Review of Annual Financial Statements and Annual Report 2022/23 • Human Resource Management. • Integrated Economic Development Services and Tourism • Midterm Performance Information

• Financial Management Audit • Supply Chain Management • 2024/25 Draft Performance Plan- Smart Principle • Transfers & Public Entities Oversight • Follow Up: AGSA & Internal Audit Reports

• Quarterly Automated Systems review • Quarterly Tracking of Audit Action Plans

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