Corporate Responsibility » Corporate Governance » Financial reporting and auditing
The directors accept final responsibility for the preparation of the annual financial statements which fairly present:
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the financial position of the Company and the Group as at the end of the year under review;
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the financial results of operations; as well as
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the cash flows for that period.
The responsibility for compiling the annual financial statements was delegated to management. The external auditors report on whether theannual financial statements are fairly presented. The directors are satisfied that during the year under review:
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adequate accounting records were maintained;
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an effective system of internal controls and risk management, monitored by management, was maintained;
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appropriate accounting policies, supported by reasonable and prudent judgements and estimates, were used consistently; and
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the financial statements were compiled in accordance with International Financial Reporting Standards and in the manner required by the Companies Act in South Africa.
The directors are also satisfied that no material event has occurred between the financial year-end and the date of this report.
External Audit
The external auditors are responsible for reporting on whether the financial statements are fairly presented in accordance with International Financial Reporting Standards and in the manner required by the Companies Act in South Africa. The external auditors offer reasonable, but not absolute, assurance on the accuracy of financial disclosure. Consultation occurs between external and internal auditors to affect an efficient audit process. The external auditors are supplied with and also consider all reports issued by the internal audit department. A summary of non-audit services provided to the Group by the external auditors are set out in note 25 on page 90 of the annual report.
Internal Audit Internal audit is an independent, objective assurance and consulting activity designed to add value to the Group and improve operations. It helps the Group accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve risk management, control and governance processes. Internal audit plans cover matters identified in risk management assessments as well as issues highlighted by the Board, the Audit and Risk Committee, executive directors and senior management. The internal audit department is responsible to the general manager: finance on dayto- day matters, but also quarterly reports directly to the Audit and Risk Committee. The internal audit department comprises qualified personnel with appropriate training and experience. The purpose, authority and responsibility of the independent internal audit activity are formally defined in an internal audit charter, which is updated regularly and approved by the Audit and Risk Committee. Significant audit findings are reported to the Audit and Risk Committee. Steps are taken to address shortcomings in control and other opportunities for improving the system, whenever they are identified. All significant business operations are subject to internal audit. During the year certain high-level internal audit functions were contracted out to the external auditors with the approval of the Audit and Risk Committee. Such projects usually relate to isolated cases for which the internal audit department does not possess the necessary capacity, skills or experience.
Going Concern
As the directors are of the opinion that the Group has sufficient resources at its disposal to operate the business for the foreseeable future, the financial statements have been prepared on a going-concern basis. The directors’ report, annual financial statements and group annual financial statements as set out on pages 50 to 111 of the annual report, have been approved by the Board of Directors.
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