Our organisation has a fully established and integrated risk management function. The internal control framework is designed to address the risks identified through the risk management processes, covering the five control objectives listed above. The introduction and application of the provisions of the King Code on Corporate Governance has led to numerous enhancements to the internal control environment over the past two years of our financial reporting.
Monitoring of controls is the key element of ensuring consistent application of the internal controls designed by management. The use of control assessment by management within their areas of responsibility is one process by which performance of control implementation is monitored. Through this process management ensures that:
- Internal control challenges are identified and addressed on a timely basis
- Operational information produced is reliable for decision-making purposes
- Financial information is accurate, complete, valid and timely
- Appropriate assertions and statements can be made available as required on the effectiveness of the entire control systems Group-wide.