61 / 68
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.