GDF Annual Report - Gauteng Provincial Treasury

SECTION 4: AUDIT ANNUAL COMMITTEE FINANCIAL REPORT STATEMENTSWe are pleased to present our report for the financialyear ended 31 March 2011Audit Committee and Attendance:Non-Executive Members:The Audit Committee consists of the external memberslisted hereunder and is required to meet a minimumof at least three times per annum as per provisionsof the Public Finance Management Act (PFMA). Interms of the approved Terms of Reference (GPG AuditCommittee Charter), five meetings were held during thecurrent year, i.e.3 meetings for Quarterly PerformanceReporting (financial and non-financial) and twomeetings to review and discuss the Annual FinancialStatements and the Auditor General Report.Name of MemberNumber of MeetingsAttendedPiet Fourie (Chairperson) 05Leonard Radzuma (Member) 05Avie Naidoo (Member) 05Executive Members:In terms of the GPG Audit Committee Charter, theOfficials listed hereunder are obliged to attend themeetings of the Audit Committee:Compulsor y Attendees Number of MeetingsAttendedStewart Lumka(Head of Department) 05Clifford Appel(Chief Financial Officer) 05Zipphorah Mamabolo(Chief Risk Officer) 03The Audit Committee noted that the Head of Departmentdid attend all meetings. Therefore, the Audit Committeeis satisfied that the Department adhered to theprovisions of the GPG Audit Committee Charter.Audit Committee ResponsibilityThe Audit Committee reports that it has complied withits responsibilities arising from section 38 (1) (a) ofthe PFMA and Treasury Regulation 3.1.13. The AuditCommittee also reports that it has adopted appropriateformal terms of reference as its Audit CommitteeCharter, has regulated its affairs in compliance withthis Charter and has discharged all its responsibilitiesas contained therein.The effectiveness of internal controlIn line with the PFMA, Internal Audit provides the AuditCommittee and Management with assurance that theinternal controls are appropriate and effective. This isachieved by the evaluation of the risk managementprocess, as well as the identification of correctiveactions and suggested enhancements to the controlsand processes. From the various reports of the InternalAuditors, the Audit Report on the Annual FinancialStatements and the Management Report of theAuditor-General, it was noted that no matters werereported indicating any material deficiencies in thesystem of internal control or any deviations there from.Accordingly, we can report that the system of internalcontrol for the period under review was efficient andeffective.The quality of in year management and quarterlyreports.The Audit Committee is satisfied with the content andquality of monthly and quarterly reports prepared andissued by the Accounting Officer of the Departmentduring the year under review.138138Annual Report 2010 / 2011