Interfront 2025 Annual Report

86 INTERFRONT ANNUAL REPORT 2025 Internal Audit Interfront outsources the role of internal auditing to the Internal Audit Unit of SARS, which plays a crucial role in strengthening the organisation’s governance, risk management, and internal control environment. Operating independently from management, the Internal Audit unit provides objective assurance and insight through systematic evaluations of evidence and business processes. This internal audit function is designed to add value and improve Interfront’s operations by delivering an impartial assessment of the adequacy and effectiveness of the organisation’s internal control systems. In addition to reviewing compliance with applicable legislation, regulations, and internal policies, the Internal Audit Unit evaluates the efficiency and effectiveness with which responsibilities are executed across the organisation. Through its ongoing reviews and engagements, the Internal Audit Unit issues independent opinions on the design and operating effectiveness of key controls, helping to identify areas for improvement and providing recommendations for enhanced risk mitigation. These insights support Interfront’s commitment to maintaining sound corporate governance and fostering a culture of accountability, transparency, and continuous improvement. Audit and Risk Committee The Audit and Risk Committee is an integral component of Interfront’s corporate governance framework, providing independent and objective oversight to ensure the integrity, transparency, and accountability of the organisation’s financial and risk management practices. Operating in accordance with its approved Terms of Reference and relevant legislative and regulatory requirements, the Committee plays a critical role in promoting sound governance across the organisation. The Committee’s responsibilities include the reviewing and monitoring of the integrity of Interfront’s annual financial statements, ensuring that financial disclosures are accurate, complete and comply with applicable accounting standards. In performing this role, the committee ensures that stakeholders are provided with reliable and transparent financial information. A key focus area of the committee is the evaluation of the effectiveness of internal controls, including financial, operational, and compliance controls. The Committee also exercises oversight over the Internal Audit function, which operates independently to provide assurance on the adequacy and effectiveness of Interfront’s control environment and risk management processes. This includes monitoring the management’s responsiveness to internal audit findings and recommendations. Furthermore, the Committee is responsible for overseeing the performance, independence, and objectivity of the external auditors. It reviews the external audit plan, assesses audit findings, and ensures that appropriate actions are taken to address any significant issues identified during the audit process. Through its vigilant oversight, the Audit and Risk Committee helps safeguard Interfront’s assets, ensures the effectiveness of risk mitigation strategies, and supports the organisation’s commitment to compliance, transparency, and continuous improvement. The combined SARS/Interfront Audit and Risk Committee report, which provides further details on the Committee’s activities and findings for the year under review, is available in Section 16 of .