47 INTEGRATED ANNUAL REPORT 2022 The AUDIT AND RISK COMMITTEE obtains assurance on NCT’s governance, risk management and controls and is key in cultivating confidence for all our stakeholders. The Co-operatives Act does not prescribe the appointment of an audit and risk committee, however NCT has appointed such committee for several years. The committee oversees all matters within its mandate for the entire NCT group and as such it operates as a statutory committee as provided for in the Companies Act. Frequency of meetings 02 March 2021 08 June 2021 23 November 2021 Management D Knoesen K Moffett LJ Simpson J Kotzé RC Thompson External parties G Banfield – External auditor IP Premananthan – Internal auditor Role of the committee ASSURANCE External audit Internal audit REVIEW Financial results CONTROLS Risk Compliance Reporting Activities of the committee In addition to receiving management and audit reports, it also focused on the following: • Reviewing the group annual financial statements for year ending 2021 • Internal audit reports • Risk register • Approved the POPIA policy framework • Approved the hedging policy • Approved the strategic financial reserve policy • BBBEE compliance • Insurance matters • Timber valuations • Tax compliance JW STEGEN | CHAIRMAN – AUDIT AND RISK COMMITTEE Assurance from the committee Chairman The Committee submits this report as a fair representation of the NCT group activities for the year ending 28 February 2022. I am satisfied that the Committee is complying with its mandate and substantially complies with the monitoring elements provided for in the Companies Act and The Co-operatives Act. The Committee shall remain committed to its mandate and improve on business practices to the benefit of all stakeholders Directors JW Stegen (Chairman) AP Gibbs C Hohls G Payn JF Mason AV Schefermann Membership The Committee comprised of members of the Board and certain members of management have a standing invitation to attend meetings. The Committee obtains assurance and advice from the external and internal auditors. Isaac Premananthan retired as internal auditor at the end of the reporting period. Mr Premananthan served as internal auditor since January 2019. The Committee formed an ad-hoc committee to recruit a new internal auditor.
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