HDA Annual Report

ANNUAL REPORT 2023/24

Assurance audits were undertaken in the following key areas: Corporate Governance, Performance Information, Sage300 Accpac Application Control Review and Financial Discipline Audit, Project Management, Performance Management, and Supply Chain and Contract Management. Consulting engagement was undertaken to review the adequacy of controls in the Land Assembly. Further, Internal Audit conducted a follow-up audit on both internal and external audit findings to assess the degree of implementation of audit action plans and recommendations. Audit and Risk Committee The Audit and Risk Committee was established in terms of the PFMA and Treasury Regulations to assist the Board of Directors in fulfilling its oversight responsibilities of the financial reporting process, system of internal control, risk management, audit process, and monitoring of compliance with laws, regulations, policies, and procedures. Audit and Risk Committee Report Legislative Requirements The Audit and Risk Committee (“the Committee”) is established as a statutory Committee in terms of Section 77 of the Public Finance Management Act 1 of 1999 (as amended) and Treasury Regulation 27.1, reports that it has adopted formal terms of reference as its Audit and Risk Committee Charter and has fulfilled its responsibilities for the year in compliance thereto. Membership and Attendance • The Committee is comprised of five independent non-executive members with extensive experience to serve in the Committee. • The Chairperson of the Committee is independent from the Board whilst the other four are members of the Board. The Committee was quorate for the entire 2023/24 financial period. • The Committee met eight times during the year. There were four ordinary meetings, and four special meetings held during the period. • The special meetings amongst others dealt with the approval of financial statements, audit reports, annual report, annual budget reviews and draft procurement plans for the year. • The names and attendance of the members serving in the Committee are detailed on page 65 under the Governance section of the Annual Report. Audit and Risk Committee Responsibility The report maps out the oversight function against the specific responsibilities of the Committee as outlined in the Charter. The Committee is satisfied that it has discharged its responsibilities in the following areas of functions: The Audit and Risk Committee herewith presents its report for the financial year ended 31 March 2024.

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Financial and performance reporting

Integrated annual reporting

Combined assurance

Information, communication technology

Risk management

Compliance with laws, regulations and good ethics

Reporting practices.

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