AFRICAN DAWN ANNUAL REPORT 2018 14 Corporate Governance continued Audit and Risk Committee Committee member Meeting dates 23 May 2017 30 May 2017 23 August 2017 18 October 2017 22 November 2017 27 February 2018 Ms. HH Hickey (Chairperson) Yes Yes Yes Yes Yes Yes Mr. SM Roper Yes Yes Yes Yes Yes Yes Ms. V Lessing Yes No Yes 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 JSE issues raised 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. • External audit • Act as a liaison between the external auditor and the Board; • Obtain information in order to satisfy itself as to the competency of the external auditor and then nominate for appointment by shareholders; • Consider the scope of audit and non-audit services which the external auditor may provide to the Group; • Review letters from auditor stating points of improvement or control deficiencies; • Approve the fees of the external auditor and assess their performance; and • Annually assess the independence of the external auditor. • 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 2018 Annual Report
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