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Audit Committee Chair's review

"In an evolving and complex landscape across multiple jurisdictions, safeguarding MTN's assets is paramount. Continuing to enhance our financial stewardship is key. We aim to elevate the maturity of our disclosures, ensuring transparency, accuracy and reliability."

Key features of 2023

In addition to the standing items on our annual agenda, we:

Monitored progress on implementation and standardisation of key controls to further enhance the overall control environment. This included understanding finance operating model's maturity levels; developing an internal control framework; launching an initiative to optimise control processes in six Opcos; and fast-tracking implementation of cloud enterprise resource planning (ERP).
Strengthened effectiveness of internal controls and internal financial controls.
Considered management's assessment of identified accounting matters and evaluated AFS restatements, as well as disclosure and related stakeholder engagement. Reviewed root cause analysis as well as corrective actions to mitigate risks in future.
Provided oversight and guidance on salient matters reported quarterly by audit committees of Group Opcos.
Reviewed progress on implementation of enterprise cloud solution across Group's footprint.
Considered ERP set-up and readiness for the implementation of UAE corporate tax.
Reviewed internal audit and forensic services governance structures, approving their separation.

Key focus areas for 2024

In addition to our annual statutory and governance responsibilities, we shall:

Consider the potential benefits of robotic process automation for key finance processes and controls.

Continue to review the implementation of the enterprise cloud solution, the delivery of additional functionality, enhancements to platform performance management and incident resolution and the decommissioning of some legacy platforms.

Ensure continuous improvement of the separate governance structures for Group Fintech and Bayobab, and enhancements to the related risk and control and compliance capabilities.

Enhance specialised finance skills across the Group and strengthen centres of excellence of key finance functions.

Strengthen internal controls to avoid future restatements due to error.

Note: For details of the committee's work in 2023, see the full audit committee report in the AFS.

Chair
Sindi Mabaso-Koyana
CA(SA)

	Meetings
Members	Meetings

	Scheduled	Special
Sindi Mabaso-Koyana	4/4	5/5
Noluthando Gosa	4/4	5/5
Nosipho Molope^	4/4	4/5
Tim Pennington	4/4	5/5
Vincent Rague^#	4/4	3/5

All members are independent non-executive directors.

Special meetings are scheduled on an ad hoc basis and at short notice to address urgent matters. Due to the nature of these meetings, it is not always possible for all directors to attend.

By invitation: Chair of the Audit Committee, Group President and CEO, Group Chief Financial Officer, Group Chief Risk Officer, Group Chief Operating Officer and the external auditor.