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AFRICAN DAWN 2015 Annual Report

Corporate Governance continued 5. Audit and Risk Committee (continued) AFRICAN DAWN 17 ANNUAL REPORT 2015 7 April 2014 25 May 2014 5 August 2014 17 November 2014 6 March 2015 26 August 2015 12 October 2015 Mrs. HH Hickey √ √ √ √ √ √ √ Mr. SM Roper N/a** √ √ √ √ √ √ Ms. V Lessing √ √ √ √ √ √ √ Mr. JK van Zyl √ √ N/a*** N/a*** N/a*** N/a*** N/a*** Mr. WJ Groenewald # √ √ √ √ √ √ √ Mr. EA van Heerden # √ √ √ √ √ √ √ # invitee ** appointed subsequent to meeting on that date *** no longer a committee member 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 Integrated Annual Report; • Recommend the Integrated Annual Report to the Board for approval; and • 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; and • 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. Two external experts were consulted during the year, one to value the Elite book and the other to assist with IFRS accounting.


AFRICAN DAWN 2015 Annual Report
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