AFRICAN DAWN ANNUAL REPORT 2018 Audit and Risk Committee Report Annual Financial Statements For the year ended 28 February 2018 continued 2. Meetings held by the Audit Committee The Audit Committee performs the duties laid upon it by Section 94(7) of the Companies Act of 2008 by holding meetings with the key role players on a regular basis and by the unrestricted access granted to the external auditors. Afdawn held Audit Committee meetings during the period as indicated in the table below. The attendance of the meetings is set out below: Member / Invitee 2017/05/23 2017/05/30 2017/08/23 2017/10/18 2017/11/22 2018/02/27 Ms. HH Hickey (Chairman) Yes Yes Yes Yes Yes Yes Ms. V Lessing Yes No Yes Yes Yes No Mr. SM Roper Yes Yes Yes Yes Yes Yes Mr. WJ Groenewald # Yes Yes Yes Yes Yes Yes Mr. G Hope # Yes Yes Yes Yes Yes Yes # - invitee 3. External auditor The Committee nominated Grant Thornton Johannesburg Partnership (“Grant Thornton”) for appointment as external auditors of Afdawn. The Committee satisfied itself that the external auditor is independent of Afdawn, as set out in section 94(8) of the Companies Act, and suitable for reappointment by considering, inter alia, the information stated in paragraph 22.15(h) of the JSE Ltd Listings Requirement. There has been a change in the audit partner and Ms. Vianca Pretorius, the designated auditor, and the firm are independent as defined by the Companies Act and as per the standards stipulated by the auditing profession. The Audit Committee in consultation with executive management, agreed to the terms of the engagement. The audit fee for the external audit has been considered and approved for the 2018 financial year end, taking into consideration such factors as the timing of the audit, the extent of the work required and the scope. The Committee approved a non-audit services policy which determines the nature and extent of any non-audit services which Grant Thornton may provide to the Company. The policy allows for limited tax and corporate governance advice. 4. Financial statements The Committee has evaluated the Group financial statements for the year ended 28 February 2018 and, based on the information provided, the committee considers that the Group complies in all material respects, with the requirements of the Companies Act, International Financial Reporting Standards (IFRS) and the Listing Requirements of the JSE. The requirements of King IV are continuously being assessed and improved on with significant issues resolved. The Group substantially complies with the requirements of King IV except in respect of those principals highlighted in the corporate governance report. We are aware that King IV recommends that the Chairman and CEO should be separate people but as the Company has not been able to afford it we have an executive Chairman and Lead independent Director. 5. Accounting practices and internal control Based on the available and communicated information, together with discussions with the independent external auditor, the Committee is satisfied that there was no material breakdown in the internal accounting controls during the financial year under review. The Committee reviewed the auditor’s management letter and can report that there were no material issues requiring immediate additional attention. The value added issues raised are receiving the appropriate attention to ensure increased effectiveness in all areas of financial and business systems and controls. 6. Financial director The Audit Committee satisfied itself in terms of paragraph 3.84(g)(i) of the JSE Ltd Listings Requirements that the financial director has the appropriate expertise and experience. The Committee has also evaluated the financial capability of the finance team and believes that the appropriate skill, expertise and experience resides in the financial function. 7. Company Secretary The Audit Committee has evaluated the Company Secretary and is satisfied that the level of the secretary’s experience, expertise and independence are in line with JSE requirements. On behalf of the Audit Committee. 25 HH Hickey Chairman Audit Committee Johannesburg
AFRICAN DAWN 2018 Annual Report
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