SMD

Annual Report 2023/2024

Risk management The ARC was responsible for overseeing the implementation of the Risk Management process as required by the PFMA (1999). The Risk and Ethics Management Committee is a key assurance provider to the Audit Committee with regards to the management of risks in the Department. The ARC reviewed the quarterly reports of the Risk Management Committee to exercise oversight on the risk management process. Internal Audit The ARC evaluated the performance of Internal Audit and reviewed its quarterly reports. During the quarterly ARC meetings, the Committee noted the completion of all planned audits and that the audit plan was implemented without restrictions. Conclusion The ARC executed its functions for the 2023/24 financial year as supported by the Executive Authority, Accounting Officer, Management, Internal Audit, the Auditor-General of South Africa (AGSA) and other role players and recorded appreciation for the robust and constructive engagements held in various meetings in the period under review.

Part C • GOVERNANCE • Department of Small Business Development

95