Audit and Risk Committee report
The committee is chaired by an independent Non-executive Director, Nkosemntu Nika, and comprises a further independent Non-executive Director Vusi Twala and Non-executive Director Ashley Ally. The committee meets three times a year and attendance is set out here. Special meetings are convened as required. The external auditors, internal auditors and executive management are invited to attend every meeting.
The committee is satisfied that it has met its responsibilities for the year under review and to the date of this report with respect to its terms of reference as set out in its charter. Further, the committee is satisfied that it has complied with its legal and regulatory responsibilities throughout the year. In terms of the Act, the committee has considered and satisfied itself of the appropriateness of the expertise and experience of Patrick Malaza, CFO.
Further, following an endorsement from the committee, the shareholders have approved the appointment of the new external auditor for the company, namely, SizweNtsalubaGobodo represented by Dumisile Manana. The committee has satisfied itself that SizweNtsalubaGobodo and Dumisile Manana are independent of Scaw. The auditor’s independence was not impaired by any consultancy, advisory or non-audit services undertaken by the auditor.
The committee is tasked with reviewing the interim and annual financial statements and integrated annual report of Scaw South Africa.
The committee is of the view that in all material respects they comply with the relevant provisions of the Act and the International Financial Reporting Standards, and fairly present the group and company’s financial position at that date and the results of operations and cash flows for the period ended 31 March 2016.
The committee recommended the annual financial statements for the year ended 31 March 2016 for approval to the Board and has reviewed for completeness and accuracy the 2016 integrated annual report.
The committee has also reviewed an assessment by management of the going concern premise of the group before recommending to the Board that the group will be a going concern in the foreseeable future.
Audit and Risk Committee Chairman
13 June 2016