SACAA Annual Report 2022_23

PART F I Annual Financial Statements Annual Financial Statements for the year ended 31 March 2023 Audit and Risk Committee Report

• Whether the annual report and accounts, taken as a whole, is fair, balanced and understandable and provides information necessary for stakeholders to assess the entity’s business model, strategy and performance. The Committee focuses on ensuring the integrity of the SACAA’s financial reporting, improving the financial controls framework and assessing the fair presentation of the financial statements. Internal Audit The Internal Audit Department is responsible for providing professional, independent and objective assurance on the adequacy and effectiveness of the internal control environment across all the significant areas of the SACAA’s operations and assist the SACAA in achieving its set objectives. Key activities of Internal Audit are: • To develop and implement a three year risk based internal audit plan which takes into account risks and concerns identified and raised by management and those raised by the Audit and Risk Committee. The plan is submitted to the Audit and Risk Committee for approval; • To build and enhance the skills level of audit staff with knowledge to assist them in the execution of planned audits; and • To provide an optimal audit coverage by considering the scope of work of the external auditors and other assurance providers within the SACAA as per the Combined Assurance Framework. The Internal Audit Department completed all planned audits and allocated ad-hoc assignments for the period under review.

The Audit and Risk Committee is responsible for ensuring that the Internal Audit Function is independent and has the necessary resources, standing and authority within the SACAA to enable the Function in discharging its duties. Furthermore, the Audit and Risk Committee oversees co operation between the internal and external auditors and serves as a link between the Board and these two functions. Internal Audit’s activities are measured against the approved annual internal audit plan and the Chief Audit Executive tables progress reports in this regard to the Audit and Risk Committee on a quarterly basis. During the reporting period the Audit and Risk Committee reviewed and approved/noted the following matters: • The risk-based annual internal audit plan and the three-year risk-based internal audit rolling plan; • Progress reports on the closure of the internal audit findings; • Internal audit’s quarterly reports in line with the approved internal audit plan; and • Internal audit charter for the 2022/2023 financial year. The Audit and Risk Committee has formed an opinion that adequate, objective internal audit policies and procedures exist within the SACAA and that the SACAA’s Internal Audit Department has complied with the International Standards for the Professional Practice of Internal Auditing, the required legal, regulatory and other responsibilities as stipulated in its Charter during the period under review. We are satisfied that the Internal Audit Function is operating effectively, and that it has addressed the risks pertinent to the SACAA in its internal audit engagements.

172 I Annual Report 2022/23 I Annual Financial Statements