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BLUE LABEL INTEGRATED ANNUAL REPORT 2015
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 87 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.
The Committee, in consultation with Executive
Management, agreed to the engagement letter,
terms, audit plan and budgeted audit fees for the
2015 financial year.
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 Deon Storm 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,
AUDIT, RISK AND COMPLIANCE COMMITTEE REPORT
CONTINUED