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BUSINESS MODEL
AND STRATEGIC
OBJECTIVES
LEADERSHIP
GOVERNANCE
SHAREHOLDERS’
INFORMATION AND
ADMINISTRATION
OPERATING
PERFORMANCE
FINANCIAL
PERFORMANCE
BLUE LABEL INTEGRATED ANNUAL REPORT 2014
93
ASSURANCE
REPORT
CONTINUED
Assurance providers
Focus areas
Management
➔
➔
Provides the Board with assurance that it has implemented and monitored
the Group’s risk management plan and necessary internal controls.
➔
➔
This includes oversight of strategy implementation, performance measures,
control self-assessments and the continuous monitoring of mechanisms
and systems.
➔
➔
Management oversight aims to establish and maintain a sound control
environment for managing risk and governance.
Internal audit
(outsourced)
➔
➔
Overseen by the Group’s ARCC.
➔
➔
Evaluate and make recommendations to improve the effectiveness of risk
management, internal control and governance processes.
Independent external
assurance
➔
➔
Independent assurance functions provide independent and objective
assurance on the overall adequacy and effectiveness of controls, governance
and management of critical risks.
➔
➔
During the current period, the Group received external assurance on certain
aspects of the business, including:
•
•
annual financial statements; and
•
•
B-BBEE contributor level per subsidiary.
Board and oversight
committees
➔
➔
Mandated Board committees and the executive committees oversee the
adequacy and effectiveness of the material issues and risk identification and
management process.
➔
➔
Board members may review and approve this report on the basis of assurance
received from management, and taking into account feedback from our
compliance functions, as well as our internal and external auditors.