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BLUE LABEL INTEGRATED ANNUAL REPORT 2015
Risk management and compliance
The Committee:
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reviewed the integrity of the risk control systems
and ensured that the risk policies and strategies
of the Company are effectively managed;
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made recommendations to the Board concerning
the levels of tolerance and risk appetite;
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monitored bi-annual risk assessments;
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ensured that management considered and
implemented appropriate risk responses;
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reviewed legal matters that could have a material
impact on the Group;
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reviewed developments in corporate governance
and best practice and considered their impact
and implications across the Group with particular
reference to the principles of King III.
EXPERTISE AND EXPERIENCE OF THE
FINANCIAL DIRECTOR AND FINANCE
FUNCTION
The Committee considered the appropriateness
of the expertise and experience of the Financial
Director and finance function in accordance with
the JSE Listings Requirements and governance best
practice. The ARCC concluded that the finance
function is adequately resourced with technically
competent individuals and is effective. The
Committee confirms that it is satisfied that Dean
Suntup possesses the appropriate expertise and
experience to discharge his responsibilities as
Financial Director.
Any non-audit services to be provided by the
external auditors are governed by a formal written
policy which incorporates a monetary delegation
of authority in terms of non-audit services to be
provided. The non-audit services rendered by
the external auditors during the year ended
31 May 2015 comprised tax advisory services, tax
compliance services and general advisory services.
The fees applicable to the aforementioned services
totalled R0.5 million (2014: R1.6 million).
The ARCC has nominated, for approval at the
Annual General Meeting, the reappointment of PwC
as registered auditors for the 2016 financial year.
The Committee also satisfied itself that PwC is
accredited and appears on the JSE List of Accredited
Auditors as contemplated in paragraph 3.86 of the
JSE Listings Requirements.
Internal audit and internal controls
The Committee:
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reviewed the co-operation and co-ordination
between the internal and external audit functions
to avoid duplication of work. This will be further
formalised through a combined assurance
facilitation;
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•
examined and reviewed the progress made by
internal audit against the approved 2014/15 audit
plan;
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approved the internal audit plan for the 2015/16
financial year;
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considered the effectiveness of internal audit;
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considered internal audit findings and corrective
actions taken in response to such findings; and
•
•
reviewed the effectiveness of the systems of
internal control, including internal financial
control and risk management.
AUDIT, RISK AND COMPLIANCE COMMITTEE REPORT
CONTINUED