48 INTEGRATED ANNUAL REPORT 2023 Audit and Risk Committee Obtaining assurance on NCT’s governance, risk management and controls 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 operates as a statutory committee for all subsidiary companies as provided for in the Companies Act. Role of the Committee The Committee acts within the scope of the Board approved terms of reference. Membership The Committee comprised of six 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. During the reporting period Mrs Y Mfabe was appointed as the new Internal Auditor and Mrs CP van Huyssteen from Colenbrander Inc. was appointed as the new designated External Auditor. Assurance Review Controls External Audit Internal Audit Financial results Risk Compliance Reporting
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