National Consumer Tribunal Annual Report 2011/12 National Consumer Tribunal 2011-12 | Page 19

Report of the Audit and Risk Committee
We are pleased to present our report for the fi nancial year ended
31 March 2011.
Audit and Risk Committee members and attendance
The committee consists of three independent non-executive members
listed hereunder and met six times last year as per the approved terms
of reference.
Name of member
V Nondabula (Chairperson)
V Magan

M Malope

Number of meetings attended
6
3
6
Audit and Risk Committee responsibility
The committee reports that it has performed its oversight responsibilities
at the Tribunal in compliance with Section 51(1)(a) of the PFMA and
Treasury Regulations 27.1. Furthermore, the committee reports that it
has adopted appropriate formal terms of reference (Charter) and has
discharged its responsibilities as contained therein.
The Audit and Risk Committee is an advisory committee of the entity,
operating with an independent and objective stance.
The effectiveness of internal control
The system of internal control as applied over fi nancial / non-fi nancial
matters and risk management at the Tribunal is effective, effi cient and
transparent. This was underscored by the unqualifi ed audit report of the
Auditor-General South Africa (AGSA) and those of internal auditors.
In line with the PFMA, the Treasury Regulations and the King III
Guidelines on Corporate Governance requirements, internal audit
provides the committee and management with the assurance that
internal controls are appropriate and effective. This is achieved by means
of the risk management process, as well as the identifi cation of corrective
actions and suggested enhancements to the controls and processes.
From the various reports of internal auditors, the Audit Report on the
Annual Financial Statements and the management report of the AGSA, it
was noted that there were no matters reported which indicated material
defi ciencies in the system of internal control.

Risk management
DROSERACEAE Drosera
glabripes
The Drosera species
(“Sundews”) are carnivorous
plants that use their sticky
leaves to trap and digest
small insects. In this way,
the astonishing assortment
of plants of this region
compensate for the lack of
nutrients in the soil.
In our view, risk management at the Tribunal continues to be adequate and
effective. The committee is satisfi ed that the risk management processes
undertaken during the year to address high risk areas within the Tribunal
are adequate and effective. An updated formal risk assessme