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GOVERNANCE AND RISK
74
Tiger Brands Limited Integrated Annual Report
2014
Audit committee report
This report is provided by the audit committee
appointed in respect of the 2014 financial
year in compliance with the Companies Act
No 71 of 2008, as amended. The committee’s
operation is guided by a detailed charter that
is informed by the Companies Act and King III,
and is approved by the board.
The audit committee has executed its duties
and responsibilities for the 2014 financial year
in accordance with its terms of reference as
they relate to the group’s accounting, internal
auditing, internal control and financial reporting
practices.
Structure of the committee
The committee comprises three independent
non-executive directors and the Chairman of
the committee is not the Chairman of the board
of the company. The following directors served
on the committee during the period under
review and to the date of this report:
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Richard Dunne (Chairman)
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Rob Nisbet
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Khotso Mokhele
Biographical details of the committee members
appear under leadership on page 21. Fees
paid to the committee members are outlined
in note 4.2 of the group annual financial
statements.
The year under review
External audit
The committee, among other matters:
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nominated to shareholders for appointment,
Ernst & Young Inc. as the external auditor,
and W Kinnear as the designated auditor,
for the financial year ended 30 September
2014, and ensured that the appointment
complied with all applicable legal and
regulatory requirements. The committee
confirms that the auditor and the designated
auditor are accredited by the JSE Limited;
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approved the external audit engagement
letter, the plan and the budgeted audit fees
payable to the external auditor. Fees paid
to the auditor are detailed in note 4.1 of
the group annual financial statements;
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reviewed the audit, evaluated the
effectiveness of the external auditor and its
independence and evaluated the external
auditor’s internal quality control procedures;
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obtained an annual written statement from
the auditor that its independence was not
impaired;
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considered the reports of the external
auditor on the group’s systems of internal
control including financial controls;
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determined the nature and extent of all
non-audit services provided by the external
auditor and pre-approved all non-audit
services to be undertaken, ensuring
compliance with the group’s non-audit
services policy;
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obtained assurances from the external
auditor that adequate accounting records
were being maintained;
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considered whether any reportable
irregularities were identified and reported
by the external auditor in terms of the
Auditing Profession Act No 26 of 2005,
and determined that there were none; and
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nominated the external auditor and the
designated independent auditor for each
of the group companies.