Internal Audits Policy

Internal Audits Policy

Purpose

The purpose of this policy is to establish a framework for conducting internal audits at Mototolo Platinum Mine to ensure ongoing compliance, operational efficiency, risk mitigation, and continuous improvement across all departments and systems.

Scope

This policy applies to all operational, financial, compliance, safety, environmental, and quality processes within Mototolo Platinum Mine, including all personnel, departments, contractors, and third-party service providers.

Objectives

• To verify compliance with internal policies, procedures, legal regulations, and industry standards.

• To assess the adequacy and effectiveness of internal controls and risk management.

• To identify areas for performance improvement, cost efficiency, and process optimization.

• To provide assurance to management and stakeholders on governance and accountability.

Audit Frequency

• Scheduled Audits: Conducted quarterly or annually based on risk assessments and departmental requirements.

• Ad Hoc Audits: Initiated at management's request or in response to incidents, complaints, or changes in risk profiles.

Audit Process

1. Planning:

   • Define scope, objectives, and criteria of the audit.

   • Notify relevant departments and request documentation.

2. Execution:

   • Conduct interviews, review documents, observe processes, and collect evidence.

   • Identify gaps, non-compliance, inefficiencies, and risks.

3. Reporting:

   • Draft and submit an Internal Audit Report detailing findings, root causes, and risk levels.

   • Recommend corrective and preventive actions.

4. Follow-Up:

   • Track implementation of action plans.

   • Conduct re-audits where required.

Audit Responsibilities

• Internal Audit Team: Responsible for planning and executing audits objectively and independently.

• Departmental Heads: Facilitate access to relevant data, personnel, and systems.

• Compliance Officer: Monitors the implementation of audit recommendations and prepares summary reports for senior management.

Confidentiality & Integrity

All information obtained during the audit shall be treated as confidential. Auditors must maintain objectivity, impartiality, and ethical conduct throughout the audit lifecycle.

Reporting Line

Internal audit findings are reported to the General Manager and escalated to Valterra Platinum’s Corporate Compliance & Risk Division where necessary.