Page 167 - UniZulu Annual Report 2020

Internal Audit provides ARC and management with assurance that the internal controls are appropriate and effective.
salient aspects, but was not limited to: the determination of materiality was set at R14.3 million (this figure was to be updated if necessary on receipt of the final trial balance), and errors greater than the audit misstatement posting threshold (R286 000) would be reported to the Committee. After thorough consideration, the Committee approved the 2020 Audit Plan and audit fees for the 2020 financial year.
The Committee satisfied itself in 2019 that the external auditors were independent by using the criteria relating to independence or conflicts of interest, as prescribed by the Independent Regulatory Board for Auditors. Requisite assurance was sought and provided by the external auditors that internal governance processes within the audit firm support and demonstrate its claim to independence.
The Committee considered whether any reportable irregularities were identified and reported by the external auditors in terms of the Auditing Profession Act, 2005, and determined that there were none.
FINANCIAL INFORMATION AND
ACCOUNTING PRACTICES
The Committee reviewed the financial statements of UNIZULU as well as all financial information before submission to the Council for approval, and considered that they comply in all material respects with International Financial Reporting Standards and the requirements of
Regulations for Reporting by HEIs.
During the reporting period, the Committee:
• Reviewed and discussed the audited Annual Financial Statements included in this Annual Report with the external auditors, the Vice-Chancellor and the Executive Director: Finance
• Reviewed the external auditors’ report and management’s response
• Received and considered reports from the internal auditors
EFFECTIVENESS OF SYSTEMS OF INTERNAL CONTROL AND INTERNAL AUDIT
Internal Audit provides ARC and management with assurance that the internal controls are appropriate and effective. The Committee is responsible for ensuring that the internal audit function is independent and has the necessary resources, standing and authority to enable it to discharge its duties. Furthermore, the Committee oversees cooperation between internal and external auditors. The internal auditors have direct access to the Committee, primarily through its Chairperson.
The Committee assessed various reports of the internal auditors. The deficiencies in the systems of internal control pointed out by the internal audit reports as well as the
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UNIVERSITY OF ZULULAND ANNUAL REPORT 2020