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Activities and Responsibilities for SayProRoyal-13 SayPro Royal Board Audit and Compliance Committee
| Financial Reporting Oversight |
| Review Financial Statements: Examine and approve the organization’s financial statements, including balance sheets, income statements, and cash flow statements |
| Accuracy and Completeness: Ensure that financial statements are accurate, complete, and prepared in accordance with generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS) |
| Disclosure Requirements: Verify that all necessary disclosures and notes are included in financial reports |
| Internal Audit |
| Internal Audit Plan: Approve the internal audit plan and ensure it aligns with organizational objectives and risk areas |
| Audit Reports: Review and assess internal audit reports, including findings, recommendations, and management responses |
| Audit Follow Up: Monitor the implementation of corrective actions and recommendations from internal audits |
| Audit Resources: Ensure that the internal audit function is adequately resourced and staffed |
| External Audit |
| External Auditor Appointment: Recommend the appointment or reappointment of external auditors to the board, subject to shareholder approval |
| Audit Scope: Review and approve the scope and approach of the external audit |
| Audit Reports: Review and discuss the external auditor’s reports, including audit opinions, management letters, and recommendations |
| Auditor Independence: Ensure the independence and objectivity of the external auditor |
| Compliance Management |
| Regulatory Compliance: Oversee compliance with relevant laws, regulations, and industry standards |
| Compliance Programs: Review and approve compliance programs and policies, including anticorruption, anti money laundering, and data protection |
| Compliance Reporting: Monitor compliance reporting and ensure that compliance issues are addressed promptly |
| Regulatory Changes: Stay informed about changes in regulations and assess their impact on the organization |
| Risk Management |
| Risk Assessment: Oversee risk assessments to identify and evaluate key risks affecting the organization |
| Risk Controls: Ensure the implementation of effective risk management and control measures |
| Risk Monitoring: Monitor the effectiveness of risk management strategies and controls |
| Risk Reporting: Review risk management reports and ensure that significant risks are communicated to the board |
| Internal Controls |
| Control Framework: Review and approve the organization’s internal control framework and policies |
| Control Effectiveness: Assess the effectiveness of internal controls in preventing and detecting fraud and errors |
| Control Monitoring: Monitor the implementation and performance of internal controls |
| Control Weaknesses: Address any identified weaknesses in internal controls and ensure corrective actions are taken |
| Fraud Prevention and Detection |
| Fraud Policies: Develop and approve policies for preventing and detecting fraud and misconduct |
| Fraud Reporting: Establish mechanisms for reporting suspected fraud or irregularities |
| Investigation: Oversee investigations into fraud or misconduct allegations and ensure appropriate actions are taken |
| Fraud Risk Management: Assess and manage fraud risk across the organization |
| Ethics and Conduct |
| Code of Conduct: Review and approve the organization’s code of conduct and ethics policies |
| Ethics Training: Ensure that ethics training is provided to employees and board members |
| Ethics Reporting: Manage and address ethics related concerns and violations reported by employees or other stakeholders |
| Ethics Oversight: Monitor adherence to the code of conduct and ethical standards |
| Financial and Compliance Policies |
| Policy Development: Develop and review financial and compliance policies, ensuring they are UpToDate and aligned with best practices |
| Policy Enforcement: Monitor compliance with financial and compliance policies and procedures |
| Policy Communication: Ensure that policies are communicated effectively to all relevant stakeholders |
| Audit Committee Governance |
| Charter Development: Develop and maintain the Audit and Compliance Committee’s charter, defining its roles and responsibilities |
| Committee Evaluation: Regularly assess the performance and effectiveness of the Audit and Compliance Committee |
| Meeting Management: Schedule and manage committee meetings, ensuring effective discussions and decision making |
| Financial Risk Management |
| Risk Identification: Identify financial risks such as liquidity, credit, and market risks |
| Risk Mitigation: Develop and oversee strategies to mitigate financial risks |
| Risk Monitoring: Continuously monitor and review financial risks and their impact on the organization |
| IT and Cybersecurity |
| IT Controls: Review and approve IT controls and cybersecurity policies to protect financial and operational systems |
| Cybersecurity Risk: Assess and manage risks related to cybersecurity and data protection |
| Incident Response: Oversee the organization’s response to IT security incidents and breaches |
| Legal and Regulatory Compliance |
| Legal Oversight: Ensure compliance with legal and regulatory requirements affecting financial reporting and internal controls |
| Legal Disputes: Monitor significant legal disputes and their impact on the organization’s financial health |
| Regulatory Interaction: Oversee interactions with regulatory bodies and ensure timely and accurate submissions |
| Audit Quality |
| Audit Standards: Ensure that audits are conducted in accordance with high professional standards and best practices |
| Quality Reviews: Review the quality of audit work and address any deficiencies or concerns |
| Continuous Improvement: Promote continuous improvement in audit processes and methodologies |
| Communication with Stakeholders |
| Stakeholder Engagement: Communicate audit and compliance matters to stakeholders, including shareholders, regulators, and management |
| Transparency: Ensure transparency in reporting and addressing audit and compliance issues |
| Feedback Management: Manage and address feedback from stakeholders related to audit and compliance matters |
| Audit Findings and Recommendations |
| Findings Review: Review findings from internal and external audits and assess their implications |
| Recommendations: Evaluate and act upon recommendations for improvements in financial processes and controls |
| Action Plans: Develop and monitor action plans to address audit findings and recommendations |
| Compliance Monitoring |
| Monitoring Programs: Develop and oversee programs to monitor compliance with financial regulations and internal policies |
| Compliance Audits: Conduct or oversee compliance audits to assess adherence to regulatory requirements and internal policies |
| Corrective Actions: Ensure timely implementation of corrective actions for any compliance issues identified |
| Financial Controls and Reporting |
| Control Environment: Assess and strengthen the control environment to support accurate financial reporting |
| Reporting Processes: Review and enhance reporting processes to ensure reliability and accuracy |
| Control Testing: Conduct testing of financial controls to ensure their effectiveness |
| Budget and Resource Allocation |
| Budget Approval: Review and approve the budget for audit and compliance activities |
| Resource Allocation: Ensure adequate resources are allocated to audit and compliance functions |
| Cost Management: Monitor and manage costs related to audit and compliance activities |
| Continuous Learning and Improvement |
| Training: Provide ongoing training for committee members on audit, compliance, and risk management topics |
| Best Practices: Stay informed about best practices in audit and compliance and integrate them into committee activities |
| Improvement Initiatives: Identify and implement initiatives for continuous improvement in audit and compliance processes |