AFRICAN DAWN ANNUAL REPORT 2017 Directors’ Responsibilities and Approval The directors are required in terms of the Companies Act of 2008 to maintain adequate accounting records and are responsible for the content and integrity of the financial statements and related financial information included in this report. It is their responsibility to ensure that the financial statements fairly present the state of affairs of the group as at the end of the financial year and the results of its operations and cash flows for the period then ended, in conformity with International Financial Reporting Standards and the Companies Act of 2008. The external auditors are engaged to express an independent opinion on the financial statements. The financial statements are prepared in accordance International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board, the Johannesburg Stock Exchange (“JSE”) Listings Requirements, the requirements of the South African Companies Act and the SAICA financial reporting guidance as issued by the Accounting Practices Committee. The financial statements are prepared using appropriate accounting policies which are consistently applied and supported by reasonable and prudent judgements and estimates. The directors acknowledge that they are ultimately responsible for the system of internal financial control established by the group and place considerable importance on maintaining a strong control environment. To enable the directors to meet these responsibilities, the board sets standards for internal control aimed at reducing the risk of error or loss in a cost effective manner. The standards include the proper delegation of responsibilities within a clearly defined framework, effective accounting procedures and adequate segregation of duties to ensure an acceptable level of risk. These controls are monitored throughout the group and all employees are required to maintain the highest ethical standards in ensuring the group’s business is conducted in a manner that in all reasonable circumstances is above reproach. The focus of risk management in the group is on identifying, assessing, managing and monitoring all known forms of risk across the group. While operating risk cannot be fully eliminated, the group endeavours to minimise it by ensuring that appropriate infrastructure, controls, systems and ethical behaviour are applied and managed within predetermined procedures and constraints. The directors are of the opinion, based on the information and explanations given by management, that the system of internal control provides reasonable assurance that the financial records may be relied on for the preparation of the financial statements. However, any system of internal financial control can provide only reasonable, and not absolute, assurance against material misstatement or loss. The external auditors are responsible for independently auditing and reporting on the group’s financial statements. The financial statements have been examined by the group’s external auditors and their report is presented on pages 24 to 27. The financial statements set out on pages 28 to 88 and the directors’ report which is set out on pages 28 to 30, which have been prepared on the going concern basis (refer to note 1.18), were approved by the board on 5 June 2017 and were signed on its behalf by: 22 WJ Groenewald G Hope Cape Town 5th June 2017
AFRICAN DAWN 2017
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