52 INTEGRATED ANNUAL REPORT 2026 Mandate and Purpose The Internal Audit function provides independent and objective assurance and advisory services across the NCT Forestry Agricultural Co-operative Limited (NCT) Group. Its purpose is to enhance and protect organisational value by providing risk-based assurance, insight, and foresight across governance, risk management, and internal control processes. Internal Audit operates in accordance with the Global Internal Audit Standards and is guided by the approved NCT Internal Audit Charter, which defines its purpose, authority, and responsibilities. The function adheres to the fundamental principles of integrity, objectivity, competence, due professional care, and confidentiality. Assurance (risk-based): • Evaluation of financial processes and systems • Reviews of business processes • Assessment of operational and strategic risks • Reviews of ethics, legal, and regulatory compliance Advisory Services: • Governance, risk, and control advisory • Forensic investigations and ethics-related matters (including hotline management) • Support on governance frameworks and disclosures (including King IV alignment) Ethics and Whistleblowing: NCT maintains a whistleblowing mechanism to support ethical conduct and transparency. Reports of fraud, irregularities, or unethical behaviour can be submitted via: Hotline: 082 801 1369 Email: ianctfor@gmail.com All reported matters are treated confidentially and investigated where appropriate. Internal Audit delivers both assurance and advisory services, including: Combined Assurance: Internal Audit plays a key role in NCT’s combined assurance framework by providing independent assurance over the effectiveness of controls implemented by management and oversight functions. Coordination is maintained with risk management, compliance, and external audit to: • Minimise duplication of effort • Ensure appropriate coverage of key risk areas • Provide a consolidated view of assurance to the Audit and Risk Committee. Independence and Objectivity: The independence of the Internal Audit function is safeguarded through: • Functional reporting to the NCT Board through the Audit and Risk Committee; and • Administrative reporting to the General Manager of NCT. Internal Audit has unrestricted access to all records, personnel, and physical properties relevant to the performance of its engagements Internal Audit
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