16 Dec 2024

Auditing exists to detect and prevent errors which can affect the accuracy and reliability of financial statements in an organisation.

Therefore, the role of the audit committee is to seek assurance that the council’s financial reporting, internal controls, governance, and risk management are effective and can be relied on.

Serowe District Council acting chief internal auditor, Mr Keabetswe Dingake told the newly elected councillors in an orientation recently that the audit committee assisted the board to discharge its responsibilities relating to the council’s accounting policies, reporting practices and internal controls, as well as financial and enterprise risk management in compliance with applicable legal and regulatory requirements.

“The mandate empowers the internal audit function to enhance the organisation’s success by providing senior management and the board with objective assurance and advice,” he said.

He said the board members ensured that financial statements were accurate and audits were conducted independently.

Composed of independent directors with relevant expertise, the audit committee acts as a key  to ensure transparency, integrity, and accountability in a company’s financial operations. He said auditing also detected fraud and prevented it.

 “The purpose of an audit is the expression of an opinion as to whether the financial statements are fairly presented in conformity with appropriate accounting principles,” he said, adding that the internal audit mandate defined the authority, roles, and responsibilities of an internal auditor. Ends