48 INTEGRATED ANNUAL REPORT 2024 Functional Reporting Internal Auditor Administrative reporting How does the Internal Audit add value to these stakeholders? The Internal Audit Function provides assurance to the NCT groups • Governance • Risk management, and • Control processes This is to help NCT achieve strategic, operational, financial, and compliance objectives Internal Audit activities and service offerings: Advisory services: • Forensic, hotline and ethics management • Governance, risk, controls consulting • King IV, governance disclosures Assurance (risk-based): • Financial processes and systems • Business processes and systems (e.g., HR and Payroll) • Operational and strategic risks • Ethics, risk, legal compliance Internal Audit performed the following investigations: • Conflict of interest, • Fraud case – ghost loads Whistle-blower hotline number & email: For any reports of irregularities, fraud allegations, or complaints regarding unacceptable and unethical behaviour, please contact the NCT fraud hot-line on 082 801 1369 or email ianctfor@gmail.com In addition, Internal Audit carried out the following reviews where no overall risk-rating has been provided: • Opening balance review, Annual Financial statement reviews, Payroll review, Enyathi farm, Mid-year and Year-end financial review, Chain-of-Custody review, Depot stock counts. Internal Audit performed the following engagements for the 2024 year end: Review Report Classification Total Findings Cross billing Some improvement opportunities 3 Credit card management Some improvement opportunities 3 Quantitative measure Achievement of Audit plan for 2024 Total number of audits included in IA plan Audits completed Percentage 12 10 83% Assurance The Committee submits this report as a fair representation of the NCT group activities for the year ending 29 February 2024. 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. JW STEGEN – Chairman – Audit and Risk
RkJQdWJsaXNoZXIy MjgyNjA0