Skills Development Act, 1998 (Act No. 97 of 1998)

Constitutions

Constitution of the Tourism, Hospitality and Sport Training Authority (THETA)

Chapter 6 : Standing Committees

19. The Audit Committee
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19.1Duties and functions

 

19.1.1THETA must establish an Audit Committee whose composition shall be in accordance with Annexure "B". The role of the Audit Committee is an advisory one to the Board of the THETA and the Executive Committee and its activities shall be directed towards:
19.1.1.1scrutinising the performance of the internal and external auditors of THETA;
19.1.1.2facilitating the imposition of financial and administrative discipline and control;
19.1.1.3strengthening the objectivity and credibility of financial reporting;
19.1.1.4improving communication and increasing contact, understanding and confidence between management and the internal auditors and the Auditor General.

 

19.1.2The Audit Committee shall be responsible to and report directly to the Executive Committee and shall exercise any such further powers and functions as may be entrusted or delegated to it by the THETA Board.

 

19.1.3In particular, but without limiting the generality of this, the Audit Committee shall have the following specific duties:
19.1.3.1make recommendations on the appointment or retention of internal auditors;
19.1.3.2review and discuss the scope of the audit;
19.1.3.3satisfy itself that the audit plan sufficiently addresses the critical risk areas at the THETA;
19.1.3.4review the effectiveness of THETA'S systems of internal control;
19.1.3.5monitor management's responses to reported weaknesses in controls, deficiencies in systems and recommendations for improvement;
19.1.3.6evaluate the performance of the audit entities and management;
19.1.3.7consider the quality of the financial information presented;
19.1.3.8review the financial statements prior to approval by the Executive Committee, including the accounting policies adopted, before submission to the Auditor General.

 

19.1.4The Chairperson and Deputy Chairperson of the Audit Committee must be elected from the Members of the Committee who are Members of the Board of the THETA.