NRF Annual Report 2018

PART C: REGULATORY REPORTING
11.12 NRF Board committees – purpose and
composition
The NRF Board appointed five standing committees to deal
with relevant issues regularly:
• Audit and Risk Committee;
• Remuneration and Human Resources Committee;
• Research Development Committee;
• Procurement Committee; and
• Social and Ethics Committee
11.12.1 Audit and Risk Committee
The Audit and Risk Committee ensures that the assurance
coverage provided by management, risk management, as
well as the internal and external audit functions is optimised,
and adequately focuses on priority risk areas. The committee
plays an integral role in the risk management of the
organisation and oversees the annual risk-based internal
audit in terms of the King Report on Corporate Governance
for South Africa (King IV). The committee engages with an
external audit initiated by the Auditor-General in line with
the PFMA. The committee also evaluates the organisation’s
integrated reporting with specific focus on:
• Financial reporting;
• Risk management;
• Internal controls;
• Fraud risk as it relates to financial reporting; and
• IT governance.
The committee has adopted formal terms of reference
through the Audit and Risk Committee charter in line with
the requirements of Section 51 (1) (a) of the PFMA and
Treasury Regulations 27.1.7 and 27.1.10. The committee
discharged all its responsibilities for the year in line with the
charter. During 2017/18, the committee held four meetings.
For more information on the meetings held by the Audit and
Risk Committee, refer to Table 29.
TABLE 29: AUDIT AND RISK COMMITTEE MEETINGS: 1 APRIL 2017 TO 31 MARCH 2018
Board members
13 July
2017
17 October
2017
8 December
2017
Dr P Clayton (Chairman) ● ● ● ●
Ms CA Busetti [appointed 28 July 2017] - ● ● ●
Prof M Leibbrandt ● ● ● X
Mr R Lubisi ● ● ● ●
Dr V Papu-Zamxaka ● ● ● ●
Prof L Nongxa (Ex-officio) - - - -
Dr M Qhobela (Invited member) X ● ● ●
Mr B Singh (Invited member) ● ● ● ●
9 March
2018
● In attendance
x Absent with
apology
- Not an attending
member
NRF Annual Report 2017/18 125