70 / 280
68
BLUE LABEL INTEGRATED ANNUAL REPORT 2014
AIRTIME
and have unlimited access to the Committee. The
Committee meets with the external and internal
auditors respectively without the presence of
management, as necessary. The internal audit function
reports directly to the ARCC and is also responsible to
the Financial Director on day-to-day administrative
matters.
STATUTORY DUTIES DISCHARGED
In execution of its statutory duties during the year
under review, the Committee:
➔
nominated and recommended to shareholders the
reappointment of PwC as independent external
auditors, with Eben Gerryts the audit partner as
the registered independent auditor;
➔
approved the fees to be paid to PwC and other
external auditors, where applicable, and approved
the terms of engagement;
➔
maintained a non-audit services policy which
determines the nature and extent of any non-audit
services that PwC may provide to the Group;
➔
discharged those statutory duties as prescribed by
section 94 of the Act acting in its capacity as the
appointed audit committee of the subsidiary
companies of Blue Label;
➔
considered the Committee’s report describing how
duties have been discharged; and
➔
submitted matters to the Board concerning the
Company’s accounting policies, financial controls,
records and reporting, as appropriate.
OTHER DUTIES DISCHARGED
Financial statements and reporting
The Committee:
➔
monitored compliance with accounting standards
and legal requirements and ensured that all
regulatory compliance matters had been
considered in the preparation of the financial
statements;
➔
reviewed the external auditor’s report to the
Committee and management’s responses thereto
and made appropriate recommendations to the
Board of directors regarding actions to be taken;
➔
reviewed and commented on the annual financial
statements, interim reports, paid advertisements,
announcements and the accounting policies and
recommended these to the Board for approval;
➔
reviewed and recommended to the Board for
adoption the consolidated budget for the ensuing
financial year; and
➔
considered the going-concern status of the
Company and Group on the basis of review of the
annual financial statements and the information
available to the Committee and recommended
such going-concern status for adoption by the
Board. The Board statement on the going-concern
status of the Group and Company is contained on
page 107 in the directors’ report.
External audit and non-audit services
The ARCC has satisfied itself as to the independence
of the external auditor, PwC, as set out in section
94(7) of the Act, which includes consideration of
compliance with criteria relating to independence or
conflicts of interest as prescribed by the Independent
Regulatory Board for Auditors. Requisite assurance
was sought from and provided by PwC that internal
governance processes within the firm support and
demonstrate its claim to independence.
To assess the effectiveness of the external auditors, the
Committee considered PwC’s fulfilment of the agreed
audit plan and variations from the plan, and the
robustness and perceptiveness of PwC in its handling
of key accounting treatments and disclosures.
AUDIT, RISK AND COMPLIANCE
COMMITTEE REPORT
CONTINUED