Principles:

245. The Audit Committee should ensure that a combined assurance model is applied to provide a
coordinated approach to all assurance activities and that the assurance covers all the
significant functions within the organization.

246. The combined assurance model aims to optimize the assurance coverage obtained from
management, internal assurance and external assurance providers on the risk areas affecting a company.

247. The combined assurance provided by internal and external assurance providers and
management should be sufficient to satisfy the audit committee that significant risk areas
within the organization have been adequately addressed and that suitable controls exist to
mitigate and reduce these risks.

248. Internal audit should form an integral part of the combined assurance model as internal
assurance providers.

249. The combined assurance process should be aligned to the risk management process in
the organization.

• According to the NATIONAL CODE ON CORPORATE GOVERNANCE ZIMBABWE