HSRC Integrated Annual Report 2018/2019

Audit Committee Responsibility The Committee reports that it has complied with its responsibilities arising from section 51 (1)(a)(ii) of the Public Finance Management Act (PFMA) No. 1 of 1999, sections 76 and 77 of the Act and the relevant National Treasury Regulations. The Committee has adopted formal terms of reference, contained in the Committee Charter, duly approved by the HSRC Board. It has discharged its duties and responsibilities in compliance with the Charter and its associated Schedule of Duties. Annual Self-Assessment The Committee performs an annual self-evaluation of its activities and functioning to assess the efficacy of the organisational audit and risk management process. The outcome of the 2018/19 assessment was positive and reflected confidence is most of the assessed areas. Integrated Reporting In overseeing integrated reporting, the Committee: • recommends the Integrated Annual Report for approval by the Board; • considers all factors and risks that may impact on the integrity of the Integrated Annual Report; • reviews and comments on the Financial Statements, the accounting practices and the effectiveness of the internal financial controls; and • reviews the disclosure of sustainability issues in the integrated report to ensure that it is reliable and does not conflict with the financial information. The Effectiveness of Internal Control and Risk Management Processes The Internal Audit function, as one of the pillars of the combined assurance model, provides the Committee and management with reasonable assurance that the internal controls of the HSRC PART C: GOVERNANCE A u d i t a n d R i s k C o m m i t t e e R e p o r t We are pleased to present our report for the year ended 31 March 2019. Audit Committee members and attendance In accordance with the approved Audit and Risk Committee (ARC) Charter, the Committee meets at least three times per year. The Committee met four times during the year under review: Audit and Risk Committee meetings 1 April 2018 to 31 March 2019 Name Meeting attendance 22 May 2018 25 Jul 2018 30 Oct 2018 6 Feb 2019 Ms Precious Sibiya     Prof. Haroon Bhorat x   x Prof. Mark Bussin x x   Mr Cedric Boltman  x   Mr Peter Grant    x Mr Leon Moser     78 / HSRC INTEGRATED ANNUAL REPORT 2018/19