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


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

Chapter 6 : Standing Committees

19. The Audit Committee


19.1 Duties and functions


19.1.1 THETA 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: scrutinising the performance of the internal and external auditors of THETA; facilitating the imposition of financial and administrative discipline and control; strengthening the objectivity and credibility of financial reporting; improving communication and increasing contact, understanding and confidence between management and the internal auditors and the Auditor General.


19.1.2 The 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.


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


19.1.4 The 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.