SACAA Annual Report 2022_23

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Annual Financial Statements for the year ended 31 March 2023

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Audit and Risk Committee Report • The risk assessment and risk management, including fraud risks and information technology risks;

• Quality and acceptability of, and any changes in accounting policies and practices; • Compliance with accounting standards and legal requirements; • Significant adjustments and/or unadjusted differences resulting from the audit; • Reflection of unusual circumstances or events and management’s explanation for the accounting treatment adopted; • Reasons for major year-on-year fluctuations; • Calculation and levels of general and specific provisions; • Write-offs and reserve transfers; and • The basis for the going concern assumption. Financial reporting In addressing our key objective, which is to assist the SACAA through the Board, in ensuring the integrity of its financial statements, we reviewed the financial statements with both management and the external auditor, concentrating on: • Compliance with financial reporting standards and governance reporting requirements; • Significant financial reporting judgments and estimates to be made in applying accounting policies; • The appropriateness of and any changes to accounting policies; • Significant adjustments resulting from the audit; • Compliance with legal requirements and accounting standards; • Reasons for year on year fluctuations; • The procedures and controls around estimates that are key to applying accounting policies; and

• The Medium-Term Expenditure Framework and the Estimates of National Expenditure for the ensuing periods; • The draft Annual Report 2022/23; • Revision of the Delegation of Authority and legal compliance report; • Review of the supply chain, other financial, risk, internal audit, fraud and legal compliance policies; and • The ICT strategy and the Cyber Security Strategy amongst others. Reviewed and approved the following quarterly reports: • Information and Communication Technology; • Combined assurance reports; • Materiality reports; • Legal compliance, litigation and fraud incidents; and • Oversight on capex projects. The Audit and Risk Committee reviewed the annual financial statements for the 2022/23 Financial Year of the SACAA and is satisfied that they comply with the accounting standards and that the accounting policies used are appropriate and consistent. The annual financial statements were reviewed with the following focus: • Significant financial reporting judgments and estimates contained in the annual financial statements; • Clarity and completeness of disclosure and whether disclosures made have been set properly in context;

Annual Financial Statements I Annual Report 2022/23 I 171