Page 88 - DUT Annual Report 2023

REPORT OF
THE AUDIT COMMITTEE ON HOW IT FULFILLED
ITS DUTIES
FOR THE YEAR ENDED 31 DECEMBER 2023
Integral to the university’s governance arena is the imperative for the Audit Committee’s (AC) sense of accountability to be premised on a proactive and informed approach. In undertaking its responsibilities, the AC continued to recognise that foundational to institutional control environment are priorities that include:
§ Internal control is implemented and premised on an understanding of the strategic direction of the university, its 12 objectives that are framed within the four perspectives, as well as how the policies are approved by Council. Further, the rigorous implementation of audit recommendations – from the internal audit function (IAF) and the stator/ external auditors, together with the integrity of the annual financial statements (AFS) – remained on the AC’s radar.
§ Ethics, in the context of the DUT, are positioned within the Living the Values Framework (LVF). Specifically, the whistleblowing reports that served at the quarterly meetings empowered the AC’s oversight, viz. determining the extent the university’s working environment is enabling, particularly from an Institutional Culture – and risk culture deepening – viewpoint.
§ Key Physical Infrastructure Projects, which are delivered as part of the broader Long-Term Spatial Plan (LTSP). In this regard, during the year under review Council commissioned a forensic audit into DUT 355 project. as at the end of December 2023 this investigation had not been finalised yet.
§ Big-picture-centricity is emphasised through how management has been deliberate in presenting reports that create space for transparency-ignited discussions. In this regard, punctuating such reporting has not just been about the milestones delivered upon and how they were achieved but, equally important, it is also about the challenges
encountered and the proposed solutions in resolving them. Thus, this has created a fertile ground for the AC to provide its expertise in terms of coaching as it assumes its oversight fiduciary responsibilities.
Membership
Institutional sensitivity to emerging potential areas of improvement was once again demonstrated, through a recognition of having the Risk Committee as an integral part of the AC. In this context, the review of the AC, led by the Registry, led to the expansion of the committee to six members, which further enhanced the AC membership in terms of functional expertise, cross-sectoral blending, diversification of experience, and a balanced portfolio generational mix. All of these were essential from a creativity stimulation and innovation-strengthening perspective. The AC provided oversight during 2023 through the support of five external members, whose individual profiles comprise a diverse pool of expert skills and competencies, as well as an enriched portfolio of experience. These skills included finance, audit, as well as enterprise risk management.
Authority of the Audit Committee
Deriving its authority from Council, the AC carried out its oversight responsibilities in accordance with its Council- approved Charter, including those other responsibilities which have been assigned to it on an ad hoc basis. For instance, the statutory duties included:
a. The overall accountability of the tenure of external auditors, PricewaterhouseCoopers (PwC), who have been serving the university since 2021, ensures that
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DUT ANNUAL REPORT 2023