To the members of Blue Label Telecoms Limited
We have audited the group annual financial statements and annual financial statements of Blue Label Telecoms Limited, which comprise the
consolidated and separate balance sheets as at 31 May 2009, and the consolidated and separate income statements, the consolidated and
separate statements of changes in equity and consolidated and separate cash flow statements for the year then ended, and a summary of
significant accounting policies and other explanatory notes, and the directors' report, as set out on pages 97 to 163.
Directors’ responsibility for the financial statements
The company’s directors are responsible for the preparation and fair presentation of these financial statements in accordance with
International Financial Reporting Standards and in the manner required by the Companies Act of South Africa. This responsibility includes:
designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that
are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances.
Auditors’ responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with
International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's
preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating
the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the consolidated and separate financial position of Blue Label
Telecoms Limited as at 31 May 2009, and its consolidated and separate financial performance and its consolidated and separate cash
flows for the year then ended in accordance with International Financial Reporting Standards and in the manner required by the Companies
Act of South Africa.
PricewaterhouseCoopers Inc
Director: EJ Gerryts
Registered Auditor
Johannesburg
25 August 2009
National executive:
SP Kana (Chief Executive Officer), TP Blandin de Chalain, DJ Fölscher, GM Khumalo, IS Sehoole, S Subramoney, F Tonelli.
Resident director in charge: ER Mackeown
The Company’s principal place of business is at 2 Eglin Road, Sunninghill where a list of directors’ names is available for inspection.
PricewaterhouseCoopers Inc is an authorised financial services provider.
VAT reg.no. 4950174682 |
