Page 50 - Playhouse Annual Report 2021:22

15. Audit Committee Report
The Audit and Governance Committee (the Committee), presents its report for the financial year end 31 March 2022.
Audit and Governance Committee Members and Attendance
The Committee consists of the five members listed below and is required to meet at least four times per year as per its approved terms of reference. During the current year four meetings were held.
Composition of the Audit and Governance Committee
The Committees term commenced on 12 March 2021 and ended on 31 March 2022
Name
Qualifications
Internal or External
Date Appointed
Ms Charmaine Jugnarayan
Chairperson of Audit and Governance Committee
CA (SA), RA
External
12 March 2021
Ms Nosipho Mchunu
CA (SA), RA
External
12 March 2021
Mr Jesiah Abia Litheko
External
12 March 2021
Ms Tholakele Dlamini
Degree in Information Science (Mass Media and Communication)
Internal
12 March 2021
The new audit and governance committee members were appointed on a 3 year terms which starts on 1 April 2022 and ends on 31 March 2025 and the members details are as follows:
Mr Bhekabantu W Ngubane: Chairperson of Audit and Governance Committee, Mr Zanoxolo Koyana & Dr Joy Ndlobvu
Audit and Governance Committee Responsibility
The Committee reports that it has complied with its responsibilities arising from Section 38 (1)(a) of the Public Finance Management Act No. 1 of 1999 and Treasury Regulations 3.1. The Committee also reports that it has adopted appropriate formal terms of reference as its Audit and Governance Committee charter, has regulated its affairs in compliance with this charter, and has discharged its responsibilities as contained therein. The charter is reviewed annually and adopted by the Committee on approval by the Accounting Authority.
Internal Audit
The Committee co-ordinates and monitors the activities of the Internal Audit function. Through this, the Committee is able to report on the effectiveness of the Internal Audit. The Internal Audit function was outsourced and operational for the financial year under review.
The Committee considered the updated risk register based on the risk management framework and policy adopted by the Accounting Authority. The Committee reviewed and approved the risk based three-year rolling Internal Audit plan. The Committee is satisfied with the effectiveness of the Internal Audit function.
Effectiveness of Internal Controls
The Committee assessed the effectiveness of the internal controls and reviewed the risk assessment process, as follows:
• Attended the workshop with all key stakeholders on risk assessment;
• Considered the effectiveness of the company risk assessment processes as on-going by Management;
• Monitored the follow-up process on all findings by the auditors to ensure findings are dealt with and addressed at root causes;
• Sought assurance from Management that action is being taken on related issues identified by auditors; and
• Provided guidance and advice to Management and the Accounting Authority over strengthening risk management processes and performance information when we reviewed the quarterly reports.
The Committee reviewed the Internal Audit reports, where there were weaknesses identified within the Company, and considered the adequacy of management responses to ensure the risk exposure is reduced and there is continuous improvement within the control environment.
48 The Playhouse Company