Report on the Audit of the Monitoring of the System of Internal Control Over Financial Reporting

9. Audit Opinion

In my opinion, there is room for improvement in the management control framework to monitor the system of ICFR.

An effective governance and oversight is in place, but reporting to oversight bodies should be improved to provide greater level of detail in the testing that is conducted and to better support their decision making. Greater rigour is required in identifying key PLCs, ELC, and ITGCs, and in documenting the risk-based selection of key controls for OE testing each year. Annual OE testing should also be improved to ensure it is sufficient to determine the ongoing effectiveness of the system of ICFR.

Finally, although largely informal, existing processes for reporting and addressing identified control weaknesses appear generally effective and appropriate.
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