Page 48 - Playhouse Annual Report 2021:22

8. Audit and Governance Committee
The Playhouse Company has in place an Audit & Governance Committee Charter that is reviewed annually.
The primary objective of the Audit and Governance Committee is to assist the Council in discharging its duties relating to the safeguarding of assets, the operation of adequate systems, control process and the preparation of accurate financial reporting and statements in compliance with all applicable legal requirements and accounting standards.
The Audit and Governance Committee:
1. Oversee, co-ordinate and appraise the quality of audits conducted both by the institution’s external and internal auditors;
2. Maintain, by scheduling regular meetings, open lines of communication among the Council, the internal and external auditors to exchange views and information, as well as confirm their respective authority and responsibilities;
3. Serve as an independent and objective party to review the financial information presented by management;
4. Review the adequacy of the reporting and accounting controls in place; and
5. Provide an open avenue for communication between the internal auditors and external auditors and the Council.
9. Compliance with Laws and Regulations
The Playhouse Company, in terms of Section 4 of the Cultural Institutions Act, constitutes a corporate body and accordingly, The Playhouse Company, the Council and all members are required to comply with the principles of good corporate governance and all laws and regulations.
The Playhouse Company management reports on compliance with laws and regulations on a quarterly basis. The PFMA checklist is compiled and any noncompliance is reported to Council and its subcommittees.
10. Fraud and Corruption
The Playhouse Company has in place a fraud prevention plan. The plan is reviewed annually. The plan recognises basic fraud prevention initiatives within The Playhouse Company.
The primary objectives of the plan are to:
1. Provide guidelines in preventing, detecting and reporting fraudulent activities;
2. Create a culture where all employees and stakeholders continuously behave ethically in their dealings with or on behalf of The Playhouse Company;
3. Encourage all employees and stakeholders to stride towards the prevention and detection of fraud impacting or having the potential to impact on The Playhouse Company;
4. Encourage all employees and stakeholders to report suspicions of fraudulent activity without fear of reprisals or recriminations; and
5. Provide a focus point for the allocation of accountability and authority.
11. Minimising Conflict of Interest
Management and finance staff complete an annual declaration of interest form. Management and staff are encouraged to update the form as and when there is a change in circumstances.
The Playhouse Company has in place an Ethics Policy that guides employees on instances where there is a potential conflict of interest.
12. Code of Conduct
The Playhouse Company has in place an Ethics Policy and a Code of Conduct Policy that guides employees on their code of conduct in the workplace.
The Code of Conduct Policy is displayed on notice boards throughout The Playhouse Company.
In deciding on a course of action and determining what constitutes ethical behaviour, employees should consider and be guided by:
• Policies of the company;
• Laws of the country;
• Universally acceptable behaviour and standard practices; and
• Their own morals and values 46 The Playhouse Company