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Mangosuthu University of Technology Annual Report

59

We are pleased to present our report for the financial year ended 31 December 2015.

Audit Committee Members and Attendance

The Audit Committee consists of the members listed hereunder and meets at least four times annually, as per the

approved terms of reference. During the reporting year four meetings were held with an average attendance of 86%.

Member

Designation

Prof. M. Kgaphola

Vice Chancellor

Prof Z. Dlamini

DVC: Research, Innovation & Engagement

Mr M.Z. Dlamini

Senior Director: Human Resources Development

Prof. K. Ndlovu

DVC: Resources & Planning

Mr A.C Zwane

Chairperson

Mrs M.J Ndlovu

Council Member.

Mrs V.L Mthethwa

Executive Director: Office of the VC

Mr M. Naidoo

Registrar

Prof N.V Magi

Council Member.

Prof M. Ramogale

DVC: Teaching & Learning

Ms M.S Tsautse

Council Member.

Mr E. Dube

Chief Finance Officer

Mr M. Makhathini

Director: Risk & Compliance

11. 2015 REPORT OF AUDIT COMMITTEE

Audit Committee Responsibility

The Audit Committee reports that it has complied with

its responsibilities arising from section 38(I) (2) (e) of the

Higher Education Act and regulation for reporting by

Public Higher Education Institutions.

The Audit Committee further reports that it has adopted

appropriate formal terms of reference as per audit

committee charter, has regulated its affairs in compliance

with its charter and has discharged all its responsibilities

as contained therein.

The Effectiveness of Internal Controls

The system of internal control applied by MUT over

financial and risk management is effective, efficient

and transparent. In line with the King III on Corporate

Governance requirements, Internal Audit provides the

Audit Committee and Management with assurance that

the internal controls are appropriate and effective. This

is achieved by means of the risk management process,

as well as the identification of corrective actions and

suggested enhancements to controls and processes.

From the various reports of the Internal Auditors, the

Audit Report on the Annual Financial Statements and the

Management Report of External Auditors. It was noted that

certain matters were reported indicating deficiencies in

the system of internal control and deviations therefrom. It

is important that significant issues should receive ongoing

attention in order to effect qualitative administration and

financial management within MUT.