LIMPOPO GAMBLING BOARD A/REPORT 2022/23

The Entity developed action plans to ensure that the findings on the Auditor-General’s 2021-22 Final Report did not recur. Progress reports on implementation of developed action plans were submitted on a quarterly basis to the Limpopo Provincial Treasury. 7. Internal Audit and Audit and Risk Committee

7.1 Objective and Role of Internal Audit

The Internal Audit of the Entity was outsourced to SAB & T Nexia. The Internal Audit (IA) function is an independent, objective assurer and consulting activity designed to add value and improve LGB’s operations. The objective of the IA function was to assist LGB to accomplish its objectives by bringing a systematic and disciplined approach to evaluating and improving the effectiveness of Risk Management, controls and governance processes.

The Internal Audit function reviewed the following: • The reliability and integrity of financial and operational information; • Compliance with laws, regulations, policies and contracts; • Safeguarding of assets; • The economical and efficient use of resources; • Establishment of operational goals and objectives; and • Appropriateness of processes for the achievement of objectives.

The primary role of the IA function was to assist the Entity, Audit and Risk Committee, and Executive Management in the effective discharge of their duties and responsibilities.

The IA, through engagement with the internal stakeholders, formulated a three-year rolling plan which incorporated an annual plan which was approved by the Audit and Risk Committee. The IA Head reports at each Audit and Risk Committee meeting.

7.2 Progress Report for the Year

a)

1st Quarter Progress:

Planned Activity

Planned Execution Date Actual Results

Risk Monitoring Quality Assurance 1st Quarter 2022/23 Audit of Predetermined Objectives 1st Quarter Supply Chain Management Audit

July 2022

Done

July 2022

Done

August 2022

Done Done

Finance Audit

September 2022

LIMPOPO GAMBLING BOARD

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