About the Committee
The Audit, Corporate Governance and Risk Management Committee is established in line with Public Finance Management Act 2012-Section 73(5), Public Finance Management Regulations, section 174, good corporate governance principles and section 12(1) of the Commission on Revenue Allocation Act, 2011. The committee reports to the Commission.
The purpose of the audit committee is to;
1. Provide an independent expert assessment of the activities of management, the quality of the Risk Management, Financial Reporting, Financial Management and Internal Audit to the Commission;
2. Ensure that external audit recommendations are fully addressed and that the quality of internal audit is of an appropriate standard;
3. Ensure that line management has full regard to internal audit recommendations;
4. Support the commission by monitoring and reviewing the risk, control and governance processes that have been established in the entity pursuant to commission policies.
The Committee shall undertake the following:
a) Obtain assurance from management that all financial and non-financial internal control and risk management functions are operating effectively and reliably.
b) Provide an independent review of the commission’s reporting functions to ensure the integrity of financial reports.
c) Monitor the effectiveness of the commission’s performance management and performance information.
d) Provide strong and effective oversight of the commission’s internal audit function.
e) Provide effective liaison and facilitate communication between management and external audit.
f) Provide oversight of the implementation of accepted audit recommendation.
g) Ensure the commission effectively monitors compliance with legislative and regulatory requirements and promotes a culture committed to lawful and ethical behavior.
The committee shall have at least three but not more than five members. The committee shall be constituted as follows;
a) Two (2) independent members sourced competitively; from amongst whom the Commission shall appoint the Chair person.
b) One commissioner with as little as possible executive responsibility.
c) One National Treasury Representative.
d) The head of Internal Audit shall be the secretary to the committee.