GPW_AR_2013_Final_v10.pdf

125 year anniversary

REPORT OF THE AUDIT COMMITTEE

We are pleased to present our report for the ½ nancial year ended 31 March 2013

Audit committee members and attendance: The audit committee consists of the members listed hereunder and meets at least four times a year as per the approved terms of reference.The terms of engagement of the acting chairperson expired on 31 . anuary 2013. In order to retain continuity and experience, approval was granted by the Minister of Home Affairs to appoint a new chairperson of the audit committee from within the current membership with effect from 1 February 2013.Two additional members were appointed to the audit committee which now brings composition of the audit committee to ½ ve. Three meetings took place during the year under review. The fourth meeting scheduled for November 2012 was cancelled because a quorum could not be formed. It remained a challenge to secure a date suitable where both the audit committee and management were available to hold the fourth meeting.

Attendance for the year under review was as follows:

Number of meetings held

Number of meetings attended

Name of the member

Position

Ms. PM Sedite Ms. M. Strydom Mr. SL Ndaba Mr. SAH / ajee

Chairperson – appointed 01/02/2013

3 3 3 1 1

3 3 3 1 1

Member Member

Member - appointed 01/12/2012 Member - appointed 01/12/2012

Mr. A Amod

Audit committee responsibility We report that we have adopted appropriate formal terms of reference in our charter in line with the requirements of Section 38(1)(a) of the Public Finance Management Act, No.1 of 1999 as amended by Act 29 of 1999 and Treasury Regulations 3.1.13.We further report that we conducted our affairs in compliance with this charter and have discharged all our responsibility as contained therein.

The charter is reviewed annually and complies with principles of good governance and with the requirements of the above mentioned Act and Regulations.

The effectiveness of internal control Our review of the ½ ndings of the internal audit work, which was based on the risk as identi ½ ed in the previous audit reviews conducted in the entity, revealed certain weaknesses. Risk assessment has been subsequently completed by the entity in the last quarter of the year.

The following audit activities were completed during the year under review: Rolling out three year strategic plan; Annual internal audit plan;

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