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Alert 10: Public Sector Audit Committee Challenges and Solutions

Nkonki believes that the oversight capability of Audit Committee members is critical to ensure that the standards of governance and corporate reporting in South Africa remains admirable. Through the Nkonki Audit Committee Support Centre, Nkonki issues regular Audit Committee Alerts that are geared to provide a watchful eye on behalf of Audit Committees and pass the information or insights gained to all Audit Committee members.

Audit Committee oversight responsibilities include financial management, performance management, external and internal audit, risk management, internal control, IT governance, combined assurance, appropriateness of the finance function and compliance with laws and other regulatory requirements. The responsibilities also come with challenges depending on the entity and the environment faced by members of the Audit Committee.

In order to allow Audit Committees in the public sector in particular to function effectively, solutions to the challenges these bodies currently face need to be addressed. These challenges are not unique to one type of public sector entity – they span across national and provincial department Audit Committees, as well as public entity Audit Committees.

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Public Sector Audit Committee Challenges and Solutions