Interfront 2025 Annual Report

99 GOVERNANCE External Audit Report: Auditor-General of South Africa (AGSA) The Committee noted the terms of the AGSA’s engagement letter, audit strategy, and audit fees in respect of the 2024/2025 financial year. It is legislated that the Auditor General of South Africa is the appointed auditors of the entity, and the Committee has noted that there were no nonaudit services rendered by them during the year. The Committee has also had in-committee meetings with the AGSA. Risk Management Management is responsible for the establishment and maintenance of an effective system of governance relating to, inter alia, risk management and the prevention and detection of fraud and internal controls. Internal Audit was guided by the prevailing section of governance systems which determines the risk profile provided by management in identifying critical audit areas and management’s inputs in the formulation of its 3-year strategic and annual plans. The entity has a Risk Management Committee that is composed of Executive Committee members and senior management to fulfil the risk management responsibilities. The risk registers are updated quarterly to ensure that all the major risks, including emerging risks facing the organisation, are effectively managed. The Committee monitors the risk register and management’s progress with regards to the implementation of the risk mitigating actions at its quarterly meetings. Conclusion The Committee has reviewed the AGSA’s management and audit reports for the financial year ended 31 March 2025 and concurs with their conclusions. The Committee, therefore, accepts the audit opinion and conclusion expressed by the AGSA on the Annual Financial Statements, Annual Performance Report, and Annual Report. The review of Annual Financial Statements and the Annual Report for the 2024/2025 Financial Year was completed at the Committee’s meeting held on 29 July 2025. Signed on behalf of the Audit and Risk Committee by: MR BAREND PETERSEN Chairperson of the Audit and Risk Committee International Frontier Technologies SOC Ltd (Interfront) 29 July 2025