2007 / 2008 Annual Report - Eastern Cape Development Corporation

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EASTERN CAPE DEVELOPMENT CORPORATION 2007/08REPORT OF THEAUDIT COMMITTEEReport of the Audit Committee required by Treasury Regulations 27.1.7 and 27.1.10 (b) and (c) in terms of the PublicFinance Management Act 1 of 1999, as amended.We are pleased to present our report for the financial year ended 31 March 2008.Audit Committee Members and AttendanceThe Audit Committee consists of the members listed hereunder. During the year a new chairperson was nominatedfrom outside the Public Service. As per its terms of reference, the committee is required to meet at least 5 times a year.During the year under review, 5 meetings were held.Name of MemberPeriod ofmembershipNumber of meetingsattendedJJ Njeke (Chairperson) 01 Aug 07 – 31 Mar 08 3N Kusi * 01 April 07 – 31 Dec 07 2WL Nkuhlu (observer) 01 April 07 – 31 Mar 08 3Prof S Buthelezi 01 April 07 – 31 Mar 08 2E Heynes 01 April 07 – 31 Mar 08 5T Nodada-Qhali 01 April 07 – 31 Mar 08 3N Nicholls 01 July 07 – 31 Mar 08 2R Rajdhar** 01 July 07 – 11 Feb 08 1*Resigned on the 31 December 2007. ** Resigned on the 11 February 2008Audit Committee ResponsibilityThe Audit Committee is a sub committee of the Board. It has adopted a formal terms of reference, has regulated itsaffairs in compliance with these terms of reference and has discharged its responsibilities contained therein.In meeting its responsibilities and in executing its duties, the Audit Committee is required to consider the adequacy andeffectiveness of the Corporation’s internal controls. In this regard, the Audit Committee has during the past financialyear, inter alia:• Reviewed the activities of the internal audit function during the year, to determine the effectiveness thereof and toensure that no unjustified restrictions or limitations were made;• Reviewed internal audit reports, including its annual work programme, co ordination with the external auditors, thereports of significant investigations and the responses of management to issues raised therein;• Reviewed external audit scope to ensure that key risk areas of the business are being addressed;• Reviewed external auditors report, including issues arising out of the external audit;• Reviewed the operational effectiveness of the Corporation’s policies, systems and procedures;• Reviewed cases of misconduct or fraud or any other unethical activity by employees of the Corporation;• Reviewed the effectiveness of the system for monitoring compliance with laws and regulations;• Reviewed the quality of the financial information ; and• Reviewed the annual report and financial statements.Based on the outcome of such reviews and the information provided by Management, we are of the opinion that theinternal controls of the Corporation operated effectively throughout the year under review.62
EASTERN CAPE DEVELOPMENT CORPORATION 2007/08Evaluation of Annual Financial StatementsThe Audit Committee has:• Reviewed and discussed the audited annual financial statements to be included in the annual report with theexternal auditors and the Accounting Authority;• Reviewed the external auditor’s audit report thereto for 2007/08;• Reviewed the significant adjustments resulting from the external audit.The Audit Committee accepts the external auditor’s conclusions on the annual financial statements and is of theopinion that the audited financial statements be accepted and read together with the report of the external auditorand the Directors’ Report. The Audit Committee agrees that the adoption of the going concern premise is appropriate inpreparing the annual financial statements.JJ NjekeChairperson of the Audit Committee20 August 200863
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HUMAN RESOURCES MANAGEMENT2007/08 A
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2007 / 2008 Annual Report - Eastern Cape Development Corporation

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