Page 47 - Playhouse Annual Report 2021:22

Committees of the Board
Members
Finance & Procurement Committee
Audit & Governance Committee
Human Resources Committee
Arts & Fund raising Committee
Ms Khwezi BL Kunene Chairperson of Council
P
Mr Dumisani Ngema Deputy Chairperson of Council
P
P
Ms Thandeka Mngadi
P
P
Dr Rajendran Govender
P
P
Adv Motlatjo Ralefatane
P
P
Mr Sicelo Dlamini
P
P
Ms Tholakele Dlamini
P
5. Risk Management
The Playhouse Company has in place a risk management policy that guides the process of risk identification and management. The policy is reviewed annually. The management of risk is the process by which the Accounting Officer, Chief Financial Officer and other senior management of The Playhouse Company pro-actively, purposefully and regularly identify and define current as well as emerging business, financial and operational risks, and identify appropriate business and cost-effective methods of managing these risks.
Effective risk management is imperative to The Playhouse Company to fulfil its mandate in line with the service delivery expectations of the public and the performance expectations of DAC.
The risk register is reviewed annually after an intense risk identification session with management and all governance structures. The risk register is used to pave the way for the three-year internal audit rolling plan which is reviewed and approved by the Audit and Governance Committee and Council.
The progress on control improvements for risks identified is monitored at the monthly management meetings.
6. Internal Control Unit
The internal control is a responsibility of each individual manager. We have policies and procedures which are used to prescribe internal controls, the policies are reviewed annually to ensure they are up to date in terms of laws and regulations.
Management uses the findings of the auditors on internal controls to improve the internal controls.
7. Internal Audit Function
The Playhouse Company has in place an Internal Audit Charter that is reviewed annually.
The Internal Audit Charter was drawn up in order to define the organisational status, objectives, authority and responsibility of the outsourced internal audit function. The internal audit function is driven by the provisions of Section 3.2 of the Treasury Regulations and Section 38(1)(a)(i) and 76(4)(e) of the PFMA and is key to underpinning governance within The Playhouse Company.
The primary objective of the internal audit function at The Playhouse Company is to provide independent assurance and advice on the internal control systems, risk management and government processes, as well as operations and performance of The Playhouse Company in terms of prevailing laws, regulations and policies.
Summary of engagements concluded during the financial year in line with the approved internal audit coverage plan:
1. Review of Covid Expenditure
2. Review of Asset Management
3. Review of Financial Discipline
4. Review of Effectiveness of Business Plan
5. Review of PAYE Compliance
6. Review of Pre-Determined Objectives
7. Governance-Review of Council Committee Charters
8. Review of IT General Controls over Pastel
9. Follow-up of previously raised internal audit findings
Annual Report 2021/2022 45