Interfront Annual Report 2022

PART C: GOVERNANCE 51 8. INTERNAL CONTROL UNIT Interfront does not have a standalone Internal Control Unit. However, there are five inter-related components that are essential for managing the activities of internal control to which Interfront subscribes. Each of these is discussed in this section. CONTROL ENVIRONMENT RISK ASSESSMENT CONTROL ACTIVITIES MONITORING ACTIVITIES INFORMATION AND COMMUNICATION FIVE INTER-RELATED COMPONENTS OF INTERNAL CONTROL • Control Environment entails the practice of ethical values by employees, and their commitment to competence and their own development. The 2020/2021 year sees the eleventh consecutive unqualified audit report on the Annual Financial Statements, with ten consecutive years of clean audit opinions. As part of their training and development, employees are encouraged to attend courses to upskill and maintain their level of expertise within their role. Formal study assistance is available to employees wanting to study towards a diploma or degree within their area of operations. Membership with professional associations is paid on behalf of employees and is usually associated with a Continuous Personal Development Programme monitored by the institution to retain membership. A bursary programme is offered by Interfront. Upon completion of their formal education, the bursars join Interfront’s Graduate Programme. Under this programme, they are mentored and coached by senior staff members to become part of the Interfront TECHI team. • Risk Assessment entails the process whereby internal and external risks posed to Interfront are detected, evaluated and mitigated. This assists the management team in establishing and understanding which risks are likely to occur, as well as how the risks arising will be managed to ensure Interfront achieves its strategic outcome-orientated goals. Risks are assessed by the Interfront Risk Management Forum and are reviewed by EXCO, the SARS/Interfront Audit and Risk Committee, as well as the Interfront Board.