Assurance
The Board ensures that assurance services and functions enable an effective control environment and support the integrity of information for internal decision-making and external reports.
Governance alignment – King V™, Principle 12
Aligning assurance with governance: our evolving King V™ in practice
Alignment with King V™
Governance outcome
Internal Audit contribution
Governance outcome
Ethical culture
Internal Audit contribution
Promotes integrity, accountability, and transparency
Governance outcome
Performance and value creation
Internal Audit contribution
Provides assurance over strategic execution, transformation, and strategic investments
Governance outcome
Conformance and prudent control
Internal Audit contribution
Assesses governance, risk management, and controls
Governance outcome
Legitimacy and stakeholder confidence
Internal Audit contribution
Supports credible reporting, combined assurance, and stakeholder trust
Principle 12 in practice
King V™, released 31 October 2025, sharpens the expectations placed on governing bodies to ensure that assurance functions and the combined assurance model deliver an effective control environment, and that they support the integrity of information used for internal decision-making and external reporting – the essence of Principle 12.
Principle 12 expectation
NSSF Internal Audit response
Principle 12 expectation
Independent and objective assurance
NSSF Internal Audit response
Internal Audit reports functionally to the Board (through the Audit and Risk Assurance Committee) and administratively to the Managing Director. Internal Audit has unrestricted access to information and annual confirmation of independence.
Internal Audit works closely with the External auditors who are appointed by Auditor General.
Principle 12 expectation
Effective combined assurance
NSSF Internal Audit response
Coordination with Enterprise Risk Management, Legal and other assurance providers, supported by development of a formal combined assurance framework.
Principle 12 expectation
Assurance aligned to emerging risks
NSSF Internal Audit response
Increased focus on technology, cybersecurity, AI, ESG and strategic transformation programmes.
Principle 12 expectation
Continuous improvement
NSSF Internal Audit response
Ongoing three-tier quality assurance programme – engagement-level and activity-level self-assessment plus independent external assessment (EY, 2025; next assessment planned for FY2027/28).
Principle 12 expectation
Integrity of reporting
NSSF Internal Audit response
ESG assurance and contribution to the Fund's integrated reporting process.