AFRICAN DAWN ANNUAL REPORT 2017 14 Corporate Governance continued Audit and Risk Committee Committee member Meeting dates 11 May 2016 27 May 2016 13 February 2017 Hester Hickey (Chairperson) Yes Yes Yes Stephen Roper Yes Yes Yes Vanya Lessing Yes Yes Yes Roles and responsibilities • Integrated and financial reporting • Review and comment on the annual financial statements, annual integrated report, annual condensed results, interim results, trading update announcement to ensure compliance with International Financial Reporting Standards, the JSE Listings Requirements and the Companies Act; • Review and approve the appropriateness of accounting policies, disclosures and the effectiveness of internal financial controls; • Perform a review of the Group’s integrated reporting function and progress and consider factors and risks that could impact on the integrity of the Annual Report; • Recommend the Annual Report to the Board for approval. • Determine the levels of assurance required on integrated and financial reporting. It should be noted that Afdawn’s focus for the year was on improving the Annual Financial Statements in order to improve the quality due to the issues noted during the year. The Integrated report will be a journey that the group will embark on over the next few years. • Finance function • Consider the expertise and experience of the financial director; • Consider the expertise, experience and resources of the Group’s finance function; • Consider the effectiveness of internal control over finance. External expertise was brought in to ensure that the skills were appropriate. • Internal audit Due to capital and resource constraints, the group does not have a separate internal audit function. The oversight of internal controls remained with the audit committee and the required testing and investigation was performed in-house by competent financial staff. A separate internal audit division with qualified internal auditor will be formalised and implemented when the group has the necessary capital and resources. The internal audit tasks remain with the audit committee for the time being until the internal audit department will take responsibility for all internal audit matters. An external expert were consulted during the year to assist with IFRS accounting. • External audit • Act as a liaison between the external auditors and the Board; • Obtain information in order to satisfy itself as to the competency of the external auditors and then nominate for appointment by shareholders; • Consider the scope of audit and non-audit services which the external auditors may provide to the Group; • Review letters from auditors stating points of improvement or control deficiencies; • Approve the fees of the external auditors and assess their performance; and • Annually assess the independence of the external auditors. • Risk management There was no separate risk committee and the audit committee assumed the responsibility and tasks. The responsibilities include, ensuring that management’s processes and procedures are adequate to identify, assess, manage and monitor, Company specific and Group risks;
AFRICAN DAWN 2017
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