Interfront 2024 Annual Report
A B D E GOVERNANCE MONITORING ACTIVITIES involve ongoing and periodic assessments to ensure that internal controls are understood, adhered to and functioning effectively. These activities help identify deficiencies and areas for improvement, ensuring that the organisation can respond promptly to emerging risks and changes. As part of our monitoring activities, the Delegation of Authority is systematically reviewed and updated to uphold the effective segregation of duties. Policies are revised to reflect changes in circumstances, legislation and Internal Audit findings. The Audit and Risk Committee provides independent oversight. Furthermore, the annual audit performed by the AGSA provides an independent assessment on compliance and the effectiveness of controls. Internal Audit Interfront utilises the services of the SARS Internal Audit unit, which provides independent assurance through an objective examination of evidence. This service offers an impartial assessment of Interfront’s governance, risk management and control environment. Internal Audit involves a thorough examination and evaluation of the adequacy and effectiveness of Interfront’s internal control systems and the quality of performance in executing assigned responsibilities. The SARS Internal Audit unit reviews these controls and provides an opinion on their sufficiency and effectiveness, ensuring robust governance and risk management practices at Interfront. Audit and Risk Committee The Audit and Risk Committee plays a crucial role in Interfront’s governance framework by providing independent oversight of the company’s financial reporting, internal controls, risk management and compliance with legal and regulatory requirements. The committee is responsible for reviewing and monitoring the integrity of Interfront’s financial statements, ensuring that financial disclosures are accurate and transparent. It evaluates the effectiveness of internal control systems and oversees the Internal Audit function, ensuring that identified risks are adequately managed and mitigated. The committee also reviews the external auditor’s performance, independence and audit findings. By maintaining a vigilant oversight role, the Audit and Risk Committee helps safeguard Interfront’s assets, enhances operational efficiency, and fosters a culture of accountability and continuous improvement. The report of the combined SARS/Interfront Audit and Risk Committee can be found in section 13 below.
Made with FlippingBook
RkJQdWJsaXNoZXIy MTA0MzI=