253. The external auditors should – (a) liaise with Internal audit and risk management committees on the scope and extent of coverage; and (b) report on material weaknesses in financial control and finance management systems, whether from design, implementation or execution perspectives, that result in actual material financial loss, fraud or material misstatements. 254. Management […]

250. Every listed company must put in place a Combined Assurance to – a) coordinate the work of all assurance providers that, either directly or indirectly, provide the board and management with certain assurances; b) provide a communication forum for the work of internal audit, external audit, third party assurance providers and management in support […]

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 […]

244. The Board should ensure that – a) it builds and sustains an ethical corporate culture in the company; b) it clearly articulates the ethical standards and ensures that the company takes measures to meet them; c) there is adherence to and measurement of ethical standards in all aspects of the business; d) ethical risks […]

243. The audit committee’s functions vary from company to company but they invariably include the following – a) recommending the nomination and remuneration of external auditors; b) reviewing the audit carried out by external auditors; c) discussing with the external auditors any problems that arise during audits ; d) reviewing the company’s accounting policies and […]

Principles : 240. The Board should establish an audit committee but this will depend on the nature and size of the company and the complexity and diversity of its operations.   241. The audit committee approves the risk based internal audit plan, the annual expenditure and capital budget of the auditing department and evaluates the […]

237. The board should – (a) disclose to the public, on an urgent basis, information on material changes in its financial condition or operations; (b) if it is a listed company, prohibit the dealing in its shares by directors, officers and other selected employees for a designated period preceding the announcement of its financial results […]

Principles: 234. The Board should delegate to the audit committee its responsibilities of general oversight and reporting of the company’s sustainability matters. 235. The financial statements should be used to provide well thought-out disclosures on the company’s governance and the board evaluation exercise. 236. Financial statements and other financial information included in the report should […]

230. The Board should define, approve and put in place an internal audit charter. 231. The internal audit activity should adhere to the International Internal Auditing Standards (IIAS) and Code of Ethics. 232. An internal audit plan or activity should –: (a) follow a risk based approach; (b) be informed by the strategy and risks […]

226. The Board must ensure that there is a continuous and effective risk and results -based internal audit. 227. The internal audit unit should – (a) evaluate the company’s governance processes; (b) conduct an objective assessment of the effectiveness of risk management processes and the internal control framework; (c) systematically analyze and evaluate business processes […]