ORBIT ANNUAL REPORT 2017_final version

2017 ORBIT TVET COLLEGE Annual Performance Reporting
7.2.3.3 AUDIT AND RISK COMMITTEE RESPONSIBILITY
The ARC reports that it has, as far as possible, complied with its responsibilities arising from its charter, including all relevant legislative requirements.
7.2.3.4 EFFICIENCY AND EFFECTIVENESS OF INTERNAL CONTROL
The ARC has considered the work performed by Internal Audit on a quarterly basis and has reviewed the Internal Audit Annual Report on Internal
Controls for the year ended 31 December 2017. In line with relevant legislation and good cooperate governance requirements, Internal Audit provides
the ARC and Management with the assurance that the internal controls are appropriate and effective with emphasis on continuous improvement to
strengthen the internal controls. The majority of audit findings reported to the Committee related to the control activities and monitoring components.
In relation to the aspect of monitoring, the audits indicated a lack of management and supervisory reviews to ensure:
• compliance with legislation, regulations, policies and procedures;
• the design and implementation of adequate controls; and
• that implemented controls operate effectively.
Management intervention is required to effect improvement in these areas. Focus and prioritisation should be given to identified control areas that put
at risk the College achieving its key objectives.
7.2.3.5 RISK MANAGEMENT
Risk management has been formalised within the College, in relation to the establishment of various structures, processes and systems to give effect to
risk management. Further initiatives are required to further embed risk management in the College’s processes. This includes further clarifying roles and
responsibilities, improving training, developing performance measurements, monitoring compliance with the integrated risk management policy and
framework, and consistent application of approach.
7.2.3.6 ACCOUNTING POLICIES
Accounting Policies that forms part of the Annual Financial Statements (AFS) were reviewed during each ARC meeting were the AFS were discussed. The
ARC is content with appropriateness and compliance of the accounting policies with all relevant legislation.
2017 ORBIT TVET COLLEGE Annual Performance Reporting
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