SACAA Annual Report 2022_23

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13. INTERNAL CONTROL

The SACAA established an Internal Audit Division, in line with the Public Finance Management Act, Treasury Regulations, and Standards for the Professional Practice of Internal Audit, including the best practice of the King IV Report on Corporate Governance (King IV Report™). The Internal Audit function within the SACAA is part of the Internal Audit Division, which also includes the Forensic Services Department. Internal Audit provides both assurance and consulting services to the SACAA. It assists the SACAA to accomplish its objectives by bringing a systematic and disciplined approach to evaluating and improving the effectiveness of risk management, internal control, and governance processes, which must be managed in a manner that ensures: • The effectiveness and efficiency of operations, investments, and projects; • The safeguarding of the SACAA’s assets; • The reliability and integrity of financial and non financial information; and • Processes regarding compliance with laws and regulations.

The work of the Internal Audit Division in the reporting period was guided by an approved Internal Audit Charter, which is aligned to the Board’s Audit and Risk Committee Charter. The Internal Audit Division reports functionally to the Board’s Audit and Risk Committee and administratively to the Director of Civil Aviation. The Audit and Risk Committee approved strategies/plans and reviewed the work of the Internal Audit Division on a quarterly basis, or as and when the need arose. The Internal Audit Division performed its work in line with the International Standards for the Professional Practice of Internal Auditing and Code of Ethics for Internal Auditing, issued by the Institute of Internal Auditors. All employees within the Internal Audit Department are members of the Institute of Internal Auditors. As in the previous reporting periods, continuous professional development (CPD) was implemented to ensure that the audit personnel remain relevant and up to date with the developments within the profession.

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