housing - National Housing Finance Corporation

CORPORATE GOVERNANCE CONTINUED
internal audit plan and ensures timely follow-up of
reported audit findings. The ARC Manager also
gives assurance to the A&R Committee that
risk management and compliance processes are
effectively implemented.
Key internal controls in the Corporation are adequate
and effective to provide reasonable assurance that:
u assets are safeguarded against loss from
unauthorised use or disposition;
u transactions are entered into in line with Management’s
authority derived from the delegated authorities and
approved policies and procedures; and
u transactions are recorded properly to allow for the
preparation of financial statements in accordance
with IFRS.
REGULATORY AND STATUTORY COMPLIANCE
Section 51(1)(h) of the Public Finance Management Act
requires the Board to ensure that the Corporation
complies with all applicable legislation. The Corporation
has a Compliance Officer who is independent of the
operational activities and whose responsibility is to
ensure that the Corporation continuously manages its
regulatory risk, through compliance with applicable laws
and regulations. During the year under review, the
Compliance Officer finalised the Compliance Programme
and updated the Regulatory Universe, which is a
comprehensive listing and summary of all laws and
regulations applicable to the Corporation.
20 NHFC ANNUAL REPORT 2006