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SANEDI

SANEDI. INDEX. KEY ACTIVITIES DURING FINANCIAL YEAR DISCUSSIONS ON KEY ACTIVITIES CONCLUSION APPRECIATION. KEY ACTIVITIES DURING FINANCIAL YEAR. Accuracy, adequacy and reliability of management financial reports Effectiveness of systems internal control

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SANEDI

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  1. SANEDI

  2. INDEX • KEY ACTIVITIES DURING FINANCIAL YEAR • DISCUSSIONS ON KEY ACTIVITIES • CONCLUSION • APPRECIATION

  3. KEY ACTIVITIES DURING FINANCIAL YEAR • Accuracy, adequacy and reliability of management financial reports • Effectiveness of systems internal control • Compliance with company policies and delegated authority • Review operations and reports of Internal Audit • Review the operations and reports from AGSA

  4. KEY ACTIVITIES DURING FINANCIAL YEAR • Effectiveness of the risk management philosophy, strategy and policy • Effectiveness of the system for monitoring compliance with laws and regulations • Appropriate targets and benchmarks • Corporate Governance Matters • Matters for referral to the Board • Other Matters

  5. DISCUSSION ON KEY ACTIVITIES • Review of quarterly management accounts • Although deficiencies in internal control were identified, management implemented corrective actions to remedy them • No deviations came to light during our interventions with management on compliance with policies or delegated authority • Internal audit charter, staffing skills and structure is appropriate and adequate

  6. DISCUSSION ON KEY ACTIVITIES......cont • Regular interaction with AG , monitoring of activities, budgets etc • AGSA Findings-SANEDI is in a transitional period of 18 months and most of the findings are attributable to this. • Risk Management Processes were adequate and effective in evaluating and mitigating risk exposures regarding governance, operations and information systems

  7. CONCLUSIONS • Internal control effectiveness •  The audit committee is satisfied that a system of internal controls has been put in place and considers the system of internal controls appropriate in all material respects to: • - reduce risks to an acceptable level; • - meet the business objectives; • -ensure assets are adequately safeguarded; and • - ensure that transactions undertaken are recorded in the accounting records.

  8. CONCLUSIONS ...... cont • Internal Audit provides the audit committee with reasonable assurance that the majority of internal controls are appropriate and effective. This is achieved by means of the risk management process, as well as the identification of corrective actions and suggested enhancements to the controls and processes. From the various reports of the internal auditors, we noted that matters indicating any deficiencies in the system of internal control have been brought to management's attention and corrective measures are being implemented.

  9. CONCLUSIONS ... cont • Corporate Governance •  We are of the opinion that the company continues to strive towards complying with sound principles of corporate governance. As per our discussions with management, management confirms that the content and quality of monthly and quarterly reports prepared and issued by the Chief Executive Officer during the year under review were properly formulated and have complied with the PFMA in this regard

  10. CONCLUSIONS .....cont • Risk Management •  The Board assigned the oversight of the risk management function to the Committee. A formal risk assessment was undertaken for the year ending 31 March 2012 with quarterly reviews, updates and reports. Consequently, internal audit used this assessment to prepare the 3 year rolling strategic plan and the annual operating audit plan. The committee monitored the significant risks faced by the company through reviewing risk reporting and participation in the risk assessment workshop. We are satisfied that significant risks were managed to an acceptable level.

  11. CONCLUSIONS .....cont • Audited annual financial statements •  We have: •  Reviewed and discussed with management the audited annual financial statements; Reviewed and discussed with management the audited performance information •  We recommended that the Board approve the audited Annual Financial Statements.

  12. APPRECIATION • The Committee members express their sincere appreciation to the Chief Executive Officer, Management, Internal Audit and the AGSA.

  13. AG findings raised during 2011/12 year and controls in place

  14. AG findings raised during 2011/12 year and controls in place

  15. AG findings raised during 2011/12 year and controls in place

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