Interfront 2023 Annual Report

58 INTERFRONT ANNUAL REPORT 2023 The Committee is responsible for ensuring that the organisation’s internal audit function is independent and has the necessary resources, skills, standing and authority within Interfront to enable it to discharge its responsibilities effectively. The Internal Auditors have unrestricted access to the Committee. The Chief Audit Executive has a direct functional reporting line to the Chairperson of the Committee. The Committee reviews and approves the Internal Audit Plan annually. Internal audit’s activities are measured against the approved internal audit plan and the Head: Internal Audit tables progress reports in this regard to the Committee. For the financial year ended 31 March 2023; the Internal Audit function derived at their overall opinion as per the table below which summarises the internal audit overall opinion based on the audit results of the various audit projects undertaken for the financial year under review: NO PROCESS OPINION 1 Control Environment Adequate The Committee is satisfied that Internal Audit has appropriately discharged its functions and responsibilities in the year under review. Accordingly, the Committee has reviewed the Internal audit charter, approved the audit plan, and deliberated on the quarterly reports as submitted by Internal audit. Evaluation of Financial Statements The Committee reviewed the Annual Financial Statements prepared by the public entity and is satisfied that they comply with the applicable Accounting Standards and that the accounting policies used are appropriate. The Annual Financial Statements were reviewed with the following focus: • Significant financial reporting judgements and estimates. • Clarity and completeness of disclosure and whether disclosures made have been properly set in context. • Changes in the Accounting Policies and Practices. • Significant adjustments resulting from the Audit. • Compliance with accounting standards and legal requirements. • Explanation for the accounting treatment adopted. • Material, unique transaction • Reasons for year-on-year fluctuations. • Asset valuations and revaluations. • Re-assessment of the useful life of the assets. • The review of Annual Financial Statements and the Annual Report for the 2022/2023 Financial Year was completed at the Committee’s meeting held on 24 July 2023.