Page 27 - Niveus - Integrated report 2013

Report of the audit and risk committee
Members: Y Shaik (chairman), Dr LM Molefi and J Ngcobo
The Niveus audit and risk committee is a formal committee of the board, appointed
by the shareholders, and functions within its documented terms of reference. All
members of the audit and risk committee act independently. The chief executive
officer, the financial director and the group’s chief risk officer attend the meetings
as permanent invitees, along with external audit and the chief audit executive. Other
directors and members of management attend as required.
Since listing in September 2012, two audit and risk committee meetings were held
during the financial year. Please see page 29 for attendance at these meetings.
The audit and risk committee has pleasure in submitting this report in respect of
the past financial year of the group, as required by section 94 of the Companies Act,
71
of 2008, as amended (“the Act”).
Functions of the audit and risk committee
In terms of the Act, the audit and risk committee has adopted formal terms of
reference, delegated to it by the board of directors, as its audit and risk committee
charter.
The audit and risk committee fulfils an independent oversight role regarding the
group’s integrated report, financial statements and the reporting process, including
the system of internal financial control, with accountability to both the board
and shareholders. The committee’s responsibilities include the statutory duties
prescribed by the Act, recommendations by King III and additional responsibilities
assigned by the board.
The committee is satisfied that, in respect of the financial period under review, it has
performed all the functions required by law to be performed by an audit and risk
committee, as set out by section 94 of the Act; in terms of the committee’s terms
of reference; and as more fully set out in the corporate governance report on
page 19. In this connection, the committee has:
reviewed the interim, provisional and year-end financial statements, culminating
in a recommendation to the board to adopt them;
reviewed legal matters that could have a significant impact on the group’s
financial statements;
reviewed the external audit report on the annual financial statements;
evaluated policies and procedures regarding internal controls as well as adequacy
and adherence to controls;
reviewed risk registers of subsidiary companies;
reviewed internal audit reports;
evaluated compliance with the JSE Listings Requirements;
CORPORATE GOVERNANCE
Niveus Investments Limited integrated Report 2013
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