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Tiger Brands Limited Integrated Annual Report
2014
Shareholder information
Principle
number
Description
Compliance
Chapter 3: Audit committee
3.1
The board should ensure that the company has an
effective and independent audit committee.
The group has an audit committee comprising three
independent non-executive directors.
3.2
Audit committee members should be suitably skilled
and experienced independent non-executive
directors.
Members of the audit committee are all suitably
skilled and experienced independent non-executive
directors.
3.3
The audit committee should be chaired by an
independent non-executive director.
The audit committee is chaired by Richard Dunne,
an independent non-executive director.
3.4
The audit committee should oversee integrated
reporting.
The audit committee oversees integrated reporting.
3.5
The audit committee should ensure that a
combined assurance model is applied to provide
a coordinated approach to all assurance activities.
The audit committee oversees the assurance
activities to ensure that they are constructed in a
coordinated manner.
3.6
The audit committee should satisfy itself of the
expertise, resources and experience of the
company’s finance function.
The audit committee considered the expertise,
resources and experience of the Chief Financial
Officer and the finance function and concluded
these were appropriate.
3.7
The audit committee should be responsible for
overseeing of internal audit.
The audit committee reviews and approves the
internal audit plan submitted by the outsourced
revenue providers KPMG Services (Pty) Ltd.
3.8
The audit committee should be an integral
component of the risk management process.
The audit committee reviewed the group’s risk
approach and found it to be sound and considered
and reviewed the findings and recommendations of
the risk committee.
3.9
The audit committee is responsible for
recommending the appointment of the external
auditor and overseeing the external audit process.
The audit committee recommended to the board
and to shareholders the appointment of Ernst &
Young Inc. as the external auditors. The audit
committee oversees the audit process.
3.10
The audit committee should report to the board
and shareholders on how it has discharged its
duties.
The audit committee formally reports to the board
after each meeting and the report of the Chairman
of the audit committee is on page 74 of this
Integrated Annual Report.