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Directors'
approval of the annual financial statements |
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Responsibility
for the annual financial statements |
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The directors are responsible
for the preparation, integrity and objectivity of financial statements that
fairly present the state of affairs of the Group at the end of the financial
year and the income and cash flow for that period, and other information
contained in this annual report. |
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To enable the directors
to meet these responsibilities: |
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- the board and management
set standards and management implements systems of internal control
and accounting and information systems aimed at providing reasonable
assurance that assets are safeguarded and the risks of error, fraud
or loss are reduced in a cost effective manner – these controls,
contained in established policies and procedures, include the proper
delegation of responsibilities and authorities within a clearly defined
framework, effective accounting procedures and adequate segregation
of duties
- the Group's internal
audit function, which operates independently and unhindered, and has
unrestricted access to the audit committee, appraises, evaluates and,
when necessary, recommends improvements in the systems of internal control
and accounting practices, based on audit plans which take cognisance
of the relative degrees of risk of each function or aspect of the business;
and
- the audit committee,
together with the independent and internal auditors, plays an integral
role in assessing matters relating to financial internal control, accounting
policies, reporting and disclosure.
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To the best of their
knowledge and belief, based on the above, the directors are satisfied that
no material breakdown in the operation of the systems of internal control
and procedures has occurred during the year under review. |
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The Group consistently
adopts appropriate and recognised accounting policies. |
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The financial statements
have been prepared in accordance with the provisions of the South African
Companies Act and comply with South African Statements of Generally Accepted
Accounting Practice and International Accounting Standards. |
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The directors are of
the opinion that the business will be a going concern for the foreseeable
future, and accordingly, the financial statements continue to be prepared
on a going concern basis. |
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It is the responsibility
of the independent auditors to report on the financial statements. Their
report to the members of the Company appears on this website. |
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Approval
of the annual financial statements |
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The directors' report
and the annual financial statements, were approved by the board of directors
on 26 October 2001 and are signed by |
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I D Sussman G
Völkel
Executive Chairman Financial
Director
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