| Financial Reporting |
| Review Financial Statements: Examine the company’s SayPro Royal Quarterly and annual financial statements before they are published |
| Ensure Accuracy: Verify that financial reports are accurate and comply with accounting standards |
| Discuss with Management: Meet with management to discuss the financial statements and disclosures |
| Approval: Recommend approval of financial statements to the board |
| Internal Controls |
| Assess Internal Controls: Evaluate the effectiveness of internal controls over financial reporting |
| Monitor Control Implementation: Ensure that management is implementing and maintaining effective internal controls |
| Review Control Reports: Examine reports related to internal controls and risk management |
| Address Weaknesses: Identify and address any weaknesses or deficiencies in internal controls |
| External Auditors |
| Select Auditors: Recommend the appointment or reappointment of external auditors |
| Review Auditor Independence: Ensure that the external auditors are independent and free from conflicts of interest |
| Audit Plan: Review and approve the external auditor’s annual audit plan |
| Audit Findings: Discuss audit findings and recommendations with external auditors |
| Performance Evaluation: Evaluate the performance of external auditors and review their reports |
| Risk Management |
| Risk Assessment: Oversee the organization’s risk management processes and evaluate risk exposures |
| Risk Mitigation Strategies: Review and approve strategies for mitigating financial and operational risks |
| Compliance Checks: Ensure that risk management practices comply with regulatory requirements |
| Compliance and Ethics |
| Regulatory Compliance: Monitor compliance with financial regulations and laws |
| Ethics Programs: Oversee the implementation of ethics and compliance programs |
| Whistleblower Mechanisms: Ensure there are effective whistleblower mechanisms for reporting financial misconduct |
| Internal Audit Function |
| Internal Audit Oversight: Oversee the internal audit function and ensure its independence |
| Audit Plans: Review and approve the internal audit plans and schedules |
| Internal Audit Reports: Examine internal audit reports and follow up on audit findings |
| Resource Allocation: Ensure that the internal audit function has adequate resources and support |
| Financial Risk Management |
| Monitor Financial Risks: Review and assess financial risks, including credit, liquidity, and market risks |
| Mitigation Measures: Evaluate the effectiveness of measures taken to mitigate financial risks |
| Reporting: Ensure that financial risk management activities are accurately reported to the board |
| Legal and Regulatory Matters |
| Compliance Review: Ensure compliance with relevant legal and regulatory requirements |
| Regulatory Updates: Keep informed about changes in regulations that affect financial reporting and audit practices |
| Legal Issues: Review any legal matters related to financial reporting and auditing |
| Financial Policies and Procedures |
| Policy Development: Develop and review financial policies and procedures |
| Procedure Updates: Ensure that financial procedures are UpToDate and in line with best practices |
| Policy Compliance: Monitor adherence to financial policies and procedures |
| Communication with Stakeholders |
| Shareholder Communication: Provide information on audit related matters to shareholders |
| Investor Relations: Address investor concerns related to financial reporting and audit processes |
| Public Disclosures: Oversee the disclosure of audit and financial information to the public |
| Training and Development |
| Member Training: Ensure that Audit Committee members receive appropriate training on financial and auditing matters |
| Knowledge Updates: Stay updated on best practices and developments in auditing and financial reporting |
| Review of Audit Committee Charter |
| Charter Review: Regularly review and update the Audit Committee’s charter to reflect current practices and regulations |
| Charter Approval: Recommend changes to the charter for board approval |
| Self Evaluation |
| Committee Performance: Assess the performance of the Audit Committee itself |
| Process Improvement: Identify and implement improvements in Audit Committee processes and practices |
| Oversight of Financial Reporting Systems |
| System Review: Oversee the effectiveness of financial reporting systems and technologies |
| System Upgrades: Review and approve any significant upgrades or changes to financial reporting systems |
Activities and Responsibilities for SayProRoyal-2 SayPro Royal Board Audit Committee
SayPro is a Global Solutions Provider working with Individuals, Governments, Corporate Businesses, Municipalities, International Institutions. SayPro works across various Industries, Sectors providing wide range of solutions.
Email: info@saypro.online Call/WhatsApp: + 27 84 313 7407
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