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


Constitution of the Agriculture Sector Education and Training Authority (AgriSETA)

Chapter Six : Standing Committees

37. Audit Committee


37.1 Composition


The Governing Board must appoint an audit committee in accordance with the provisions of the Public Finance Management Act and any relevant treasury regulations.


37.2 Duties and functions


37.2.1 The audit committee must, amongst others, review the following: the effectiveness of the internal control systems; the effectiveness of internal audit; the risk areas of AgriSETA's operations to be covered in the scope of internal and external audits; the adequacy, reliability and accuracy of financial information provided to management and other users of such information; any accounting and auditing concerns identified as a result of internal and external audits; the AgriSETA's compliance with legal and regulatory provisions; and the activities of the internal audit function, including its annual work programme, coordination with the external audits, the reports of significant investigations and the responses of management to specific recommendations; and where relevant, the independence and objectivity of the external auditors.


37.2.2 The audit committee must: report and make recommendations to the AgriSETA; report on the effectiveness of internal controls in the annual report of the institution; and comment on its evaluation of the financial statements in the annual report.