The Head of Internal Audit at the Public Investment Corporation(PIC), Lufuno Nemagovhani, says the Internal Audit (IA) division operates independently from the rest of the corporation and management, during his testimony at the inquiry in Pretoria.
The Commission of Inquiry into affairs at the PIC was established by President Cyril Ramaphosa in May 2018 to examine governance, corruption and mismanagement issues at Africa’s largest asset manager since 2015.
The Commission’s terms of reference predominantly focuses on whether the investment decisions made by the PIC flouted any policy or law, or benefited a select few.
Nemagovhani says, “In order for the internal audit to be able to fulfill its mandate, which is to add value to the organisation and to help the organisation reach its objective by ensuring that there are strong internal controls, the risk management strategies in place are effective and the governance processes are effective.
“Internal Audit is supposed to have a professional relationship with management,” said Nemagovhani.