National Treasury of South Africa - Departmental Financial Reporting Framework Guide - Chapter 2 - The Report of the Audit Committee


The audit committee plays an important role in ensuring that an entity functions according to good governance, accounting and auditing standards. It also monitors the adoption of appropriate risk management arrangements. An effective audit committee can assist management in discharging its accountability responsibilities to safeguard assets, operate adequate systems and controls, and prepare annual financial statements. The National Treasury of South Africa's Report of the Audit Committee establishes a minimum requirement of topics that must be addressed by audit committee members to discharge their responsibilities in terms of the Public Finance Management Act (PFMA) and the regulations thereto. The guideline is divided into several sections, and covers the following topics:

1. Statutory Requirements
2. Process and Timelines
3. Evaluation of Financial Statements
4. Enhancing the Effectiveness of the Audit Committee

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Saturday, October 1, 2011
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National Treasury of South Africa
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