Internal Audit Services

CORPORATE GOVERNANCE

CONTINUED

INTERNAL AUDIT SERVICES

During the period under review, the Internal Audit Services function executed its mandate as enshrined in the BoFiNet Internal Audit Charter, overseen by the Board Finance & Audit Committee.

The use of the BoFiNet Audit Management System (AMS) continues to improve work performance and information management. This system promotes effective businesses practices, which became critical during the COVID-19 pandemic, which dictated remote working and other new work processes. Access to these systems ensured that the Internal Audit division could quickly adapt to these unique circumstances, allowing the section to deliver its obligations during the year.

The Management Risk and Audit Committee (MRAC) within the BoFiNet governance structure plays a critical role in monitoring and ensuring management commitments, supporting the closure of audit queries. The Committee also monitors the implementation of risk mitigation strategies across BoFiNet, dovetailing with the Board Finance and Audit Committee.

FRAUD AND CORRUPTION

BoFiNet is committed to fighting fraud, corruption, unethical behaviour and misappropriation of public funds, underpinned by high levels of integrity and a culture of good corporate governance. To support these principles, the company maintains an anonymous Fraud and Ethics tip-off hotline service. Cases reported through the service declined by 50% from 8 to 4 cases reported and investigated during the year under review.

Toll Free Fraud & Ethics Hotline

BTC/BeMobile 0800 600 644 Orange 1144 Mascom 71119794 Email bofinet@tip-offs.com Website www.tip-offs.com Postal Address PO Box 448, Gaborone, Botswana