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FASSET | Annual Integrated Report 2022/23

15. SOCIAL RESPONSIBILITY

The PFMA precludes public entities from using public funds to support corporate social responsibility (CSR)
initiatives. FASSET’s CSR initiatives are, therefore, staff-driven and voluntary in line with its commitment to
making a difference, however slight, in the communities in which it operates.

16. Audit AND RISK COMMITTEE REPORT

Report of the Audit and Risk Committee (ARC) in terms of Regulations 27 (1)(10)(b) and (b) of the Public
Finance Management Act (PFMA). We are pleased to present our report for the Financial Year ended 31
March 2023.

During the period under review, the following activities were undertaken and demonstrate the commitment of the
ARC to achieving its mandate:
• Reviewed the ARC Charter;
• Considered and approved the Risk Management Committee Charter;
• Considered and approved the strategic and operational risk registers as part of the risk management
processes;
• Considered and approved the Internal Audit plan and monitored implementation thereof through the
quarterly progress reports and made recommendations as appropriate;
• As part of the management of compliance with laws and applicable legislation, the Committee introduced
a compliance checklist to assist the organisation to monitor compliance with the organisation’s regulatory
universe, statutory reporting, and organisational policies;
• Conducted separate informal meetings with Management, internal and external Audit;
• Considered reports from internal and external Audit including Audit plans, reports, and Management’s
follow-up of matters requiring attention; and
• Provided guidance on the development of the ICT governance framework and policies.

16.1 Audit and Risk Committee Responsibility

The ARC reports that it has complied with its responsibilities arising from Section 51 (1)(a)(iii) and 76 (4)(d) of
the Public Finance Management Act and Treasury Regulation 27.1.7 and 27.1.10(b) and (c).

The ARC also reports that it has adopted appropriate formal terms of reference as its ARC Charter, has
regulated its affairs in compliance with this charter, and has discharged all its responsibilities as contained
therein.

The ARC has oversight responsibilities for financial management, internal controls, management and monitoring
of the risk management policy and planning, compliance with laws, regulations, and ethics, accounting and
financial reporting, internal and external Audit functions, and ICT governance.

The ARC developed an annual work plan that assisted in carrying out its responsibilities and monitoring
progress thereto. The ARC is accountable to the AA (Board) and has reported to the Board every quarter on
how it discharged responsibilities contained in its charter, which, among others, act as an oversight function for:

Make the future count.
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