Page 166 - UniZulu Annual Report 2020

REPORT OF THE AUDIT AND RISK COMMITTEE (ARC)
ARCC is a committee instituted in terms of paragraph 27 of the UNIZULU Statute.The Committee has conducted its affairs in compliance with its detailed charter that is based on the regulatory requirements
of the UNIZULU Statute, principles of good corporate governance and other responsibilities assigned to it by the Council.
The ARC Charter has the status of Institutional Rules • Facilitated and promoted communication between,
of the University as contemplated in section 29(4) of the Higher Education Act.
COMPOSITION AND MEETINGS
The members of the Committee are independent and non- executive and appointed by Council. Information on the membership and composition of ARC and meetings held are set out in Table 6 of the Chairperson of Council’s Report.
KEY DUTIES AND FUNCTIONS
ARC carried out its functions through its meetings, discussions with executive management and internal audit and external advisers, where appropriate. In giving effect to its charter during the year under review, the Committee:
• Assisted Council:
- In evaluating the adequacy and efficiency of the
internal control systems to safeguard the University’s
assets
- In ensuring that proper accounting practices, cash
flow management, information systems and auditing processes are applied in the day-to-day management of the University
- In ensuring that the University’s risks are adequately managed and monitored
management, external auditors and Internal audit on
matters that the Committee are responsible for
• Made recommendations to the Executive Committee of Council on the audit fees and the approval of the external
audit plan for the year ending 31 December 2020
• Made recommendations to the Executive Committee of Council on the appointment of internal auditors from 2020-2022, audit fees and the approval of the Internal
Audit Plan for the year ending 31 December 2020
• Approved the 2019 Internal Audit Reports and Internal
Audit Charter.
• Recommended to Council for approval of the:
- 2019 Annual Report and Audited Annual Financial Statements for consideration and approval
- Policy and Procedures on Risk Management subject to complying with necessary processes
- Advised Council that vulnerability tests on the University’s ICT system be conducted and necessary measures be implemented to prevent tampering
EXTERNAL AUDITORS
Ngubane and Co are the appointed external auditors for the year ending 31 December 2020. The external auditors submitted the 2020 External Audit Plan to the Committee for approval. The presentation highlighted the following
UNIVERSITY OF ZULULAND ANNUAL REPORT 2020
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