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.
Outcomes supported
NSSF has the following in place:
A three-lines-of-defence combined assurance model operates: business management (first line); Enterprise Risk Management and Legal and Board Affairs (second line); Internal Audit (third line, independent).
Internal Audit, established in 1985, reports directly to the ARC; an external quality assessment in FY2024/25 confirmed general conformance with IIA Global Internal Audit Standards (next assessment due FY2027/28).
KPMG, appointed by the Office of the Auditor General under Section 32(2) of the NSSF Act, issued an unqualified opinion on the FY2025/26 financial statements; a KPMG True Value Assessment separately validated the Fund’s decade of socio-economic impact.
Exception: independent external assurance over the ESG/Sustainability Report has not yet been obtained.
Area for future focus
Consider obtaining external assurance over sustainability disclosures; progress IFRS S1/S2 adoption. Read more about Internal Audit and assurance.