52 INTEGRATED ANNUAL REPORT 2025 Internal Audit The Internal Audit function provides independent, objective assurance and advisory services to the entire NCT group, designed to enhance and protect organisational value by providing risk‐based and objective insight, and foresight. The Internal Audit function operates in alignment with the Global Internal Audit Standards and is guided by the NCT Internal Audit Charter, which defines the purpose, authority, and responsibilities of the internal audit function in accordance with the ethical and professional principles of integrity, objectivity, competency, due professional care and confidentiality. The role of the Internal Audit at NCT Reporting structure of the Internal Audit department Board of Directors Audit and Risk Committee General Manager Functional Reporting Internal Auditor Administrative reporting Internal Audit serves the following stakeholders: Assurance (risk-based): • NCT Board, Audit and Risk Committee, • Management, • Employees, • Other (e.g. NCT members, community, business partners, regulators) How does the Internal Audit add value to these stakeholders? • Provides independent and objective assurance and advisory services designed to enhance and protect NCT Group’s values. • Evaluates and contributes to the improvement of the NCT’s group governance, risk management, and internal control processes. • Supports the NCT group in achieving its strategic, operational, financial, and compliance objectives through risk-based and insightdriven engagements. • Promotes organisational accountability, integrity, and effectiveness by delivering unbiased assessments and recommendations. • Enhances stakeholder confidence by identifying opportunities for improvement, efficiency, and cost‐effectiveness across the business. 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: • Unfair treatment of a member 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: • Annual financial statement checks, Chain of Custody/Controlled Wood system, Depot stock counts, Opening/closing balance checks, Estate Manager mileage review. Internal Audit performed the following engagements for the 2025 year end: Review Report Classification Total Findings Diesel Management (Richards Bay Mills) Major improvement needed 15 Ingwe Farm Review Some improvement needed 18 Enon Farm Review Some improvement needed 17 Plantation Updates Review Major improvement needed 11 Quantitative measure Achievement of Audit plan for 2025 Total number of audits included by Internal Audit Audits completed Percentage 12 9 75% Role of the Interal Audit at NCT
RkJQdWJsaXNoZXIy MjgyNjA0