Page 78 - DUT Annual Report 2024

REPORT OF
THE AUDIT COMMITTEE ON
HOW IT FULFILLED ITS DUTIES
FOR THE YEAR ENDED 31 DECEMBER 2024
Nested within the shadow of a Council-approved Charter, the delivery of the Audit Committee’s
responsibilities continued through the year under review too. Eupeptic in its quest to supporting the university’s governance journey, the milestones achieved could be bucketed thus:
External Audit and the Finance
Ambit
Embracive of institutional adherence to compliance imperatives, the Audit Committee provided oversight to the statutory audit activities. These encapsulated, inter alia:
a. The audit strategy, including external audit prism of critical risks, the pertinent procedures to be performed, the related fees charged, and the combined assurance framework posture adopted especially in relation to internal audit work.
b. Assurance on the integrity of annual financial statements, as viewed through the relevant International Financial Reporting Standards, the relevant accounting policies, and other technical guidelines. Integral therein is, of course, the reality of how Transparency in terms of the key messages contained in the AFSs.
c. Forensic reports which naturally are of interest to external auditors. In this context, the forensic report on cybersecurity related breaches will be considered in the 2025 period. Similarly, the ERP System Post- Implementation Review, which was part of the 2024 internal audit plan, and led to a forensic review and a Deep-Dive, will be considered in September 2025 AC meeting. Although these reports have been submitted to the external auditors, they had not as yet served at the AC; hence, they will feature only in the 2025 edition of this report.
d. Performance related matters, which were undertaken with a view to not only track any lessons learned, for improving future audits, but also to provide an assurance to the AGSA that this initiative has been undertaken. Integral to such performance is an assessment of the independence of the external auditors.
e. The convening of in-committee sessions, as and when these were deemed necessary.
Closely linked with external audit is the custodianship of the Finance Ambit over the integrity of financial information, and ensuring due prudence is exercised in the usage of the university resources. Priding itself of no less than five qualified accountants, in the form of Chartered Accountancy stature, the Finance Function has been instrumental to the delivery of the statutory audit outcomes. Facilitating the AC’s oversight responsibilities in this regard was also the direct linkage maintained between the CFO and the AC Chairperson.
Internal Audit Function
The Upended posture of the Internal Audit Function (IAF) arose through the implementation of a Panel approach, following Council’s approval of the AC recommendation for such approach. The undertaking of the 2024 internal audit plan, by the three firms, served as a maiden journey for the university. The approach itself has tested the sense of agility within the procurement process, as well as the appetite for coordination of interdependencies in the context of combined assurance. Its implementation will expectedly bring aboard a broadened set of skills and competencies to the university.
Whistleblowing Activities
Whistleblowing activities, which include an independent service provider-administered Hotline, were monitored as part and parcel of further deepening the risk culture of the institution. In this context, the Committee’s role was inspired by Council’s aspiration for an ethical environment, whereby there is zero appetite for activities pertaining to fraud and corruption. Intrinsic to deliberations around each
76
DUT ANNUAL REPORT 2024