Page 168 - UniZulu Annual Report 2020

mitigating plans in place to enhance control effectiveness was noted. The Committee is satisfied with the effectiveness of the internal audit function.
RISK MANAGEMENT
The Institutional Risk Management Policy provides for a systemic and consistent identification and management of risk at the University. In line with its provision, the Committee approved the updated Strategic Risk Register of the Institution, which included COVID-19 as a strategic risk.
The Committee further monitored complaints received via the Council’s ethics hotline. Existing controls reflected on the 2020 Strategic Risk Register were assessed, and the assessment process included additional controls that were put in place in 2020. In respect of the coordination of assurance activities, ARC reviewed plans and work outputs of internal and external auditors and concluded that these were adequate to address all significant financial risks facing the Institution.
GOING CONCERN
The going concern assumption is a fundamental principle in the preparation of financial statements. The Committee reviewed a documented assessment by management of the going concern premise of the University, including a COVID-19
Ms S.J. Masite ARCC Chairperson
financial impact assessment before recommending to the Council that the Institution will be a going concern in the foreseeable future.
OTHER CORPORATE GOVERNANCE
REQUIREMENTS
Pursuant to principles of good corporate governance, the Committee has an approved Charter in place. All negotiated transactions are reported to the FCC Committee to manage financial risks.
CONCLUSION
The Committee is satisfied that it has complied with all its statutory and other responsibilities. Having regarded all material risks and factors that may impact the Annual Financial Statements, the committee recommended to the Council, at its meeting held on 29 June 2021, that the Annual Financial Statements of the University for the year ended 31 December 2020 be accepted.
ARC accepted the audit opinion of the external auditors on the consolidated Annual Financial Statements and recommends that the audited consolidated Annual Financial Statements be accepted and read together with the report of the external auditors. The report is recommended to Council for approval.
Ms N. Caluza Chairperson of Council
UNIVERSITY OF ZULULAND ANNUAL REPORT 2020
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