Page 87 - DUT Annual Report 2020
P. 87
DURBAN UNIVERSITY OF TECHNOLOGY ANNUAL REPORT 2020
REPORT OF THE AUDIT COMMITTEE ON HOW IT FULFILLED ITS DUTIES
AUDIT COMMITTEE CHARTER
Informed by best practice, the institutional Audit Committee continued embracing its Charter, as approved by DUT’s Council, in delivering on its mandate. Serving as a specialist-focused sub-committee in support of Council, the Audit Committee has continued to prioritise its oversight responsibilities. These include the work of internal auditors in relation to the control environment, the outcomes of the external auditor statutory review of the Annual Financial Statements, as well as implementation of the combined assurance framework within the institution. Naturally, Enterprise Risk Management and how it is socialised across the institution, the integrity of reporting as it applies to both financial and non-financial information, the extent to which we embrace the legal and regulatory framework, remained integral aspects of the Audit Committee priorities for the year.
COUNCIL AUDIT COMMITTEE
MEMBERS AND ATTENDANCE AT
MEETINGS
The Committee comprises five external members of Council who are all voting members. The Vice- Chancellor, the Deputy Vice-Chancellors, the Chief Financial Officer and the Chief Risk Officer are non-voting advisory members. External Auditors, Internal Auditors and a representative from the Auditor General’s office also attend meetings by invitation. The Chairperson is appointed from amongst the external Council members. These members have the necessary skills and experience to serve on the Committee. The Committee meets at least three times per annum as is required by the Charter. Both the internal and external auditors have unrestricted access to the Audit Committee.
During the year under review three scheduled and two special meetings were held. In addition, a joint meeting between the Finance Committee of Council and the Audit Committee was held to approve the financial statements. The following is a schedule of meetings and attendance for the year:
Member
Appointed
25 Feb 2020
2 Sept 2020
21 Oct 2020 Joint Finance & Audit Committee
18 Nov 2020 Special Audit Committee
Mr S Sibiya
BCom (Hons); CA(SA) Appointed Chair: 05 Sept 2015
21 July 2014
Via video conferencing
Ms D Hlatshwayo
BSocSc (Hons), MBA, Wits Senior Executive Development Programme
12 July 2014
Mr B Singh
BCom, BCom (Hons), Advanced Credit Diploma and Certified Associate in Banking (CAIB), MBA, International Executive Development Programme (Wits)
5 September 2015
Ms B Chiliza
Honours Bachelor of Commerce in Accounting (University of Natal): CA (SA); Updated 29 April 2019
21 July 2019
Apology*
Ms B. Masinga
Bachelor of Commerce Degree in Accounting and Financial Management (Warton School of Business) United States
21 July 2018
Via tele- conferencing
Apology*
Apology*
Apology*
* Apologies submitted and accepted
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