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GOVERNANCE AND RISK
76
Tiger Brands Limited Integrated Annual Report
2014
Audit committee report
continued
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considered the reports of the internal
auditor, KPMG Services (Pty) Limited, on the
group’s systems of internal control including
financial controls, business risk management
and maintenance of effective internal
control systems;
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received assurance that proper and
adequate accounting records were
maintained and that the systems
safeguarded the assets against unauthorised
use or disposal thereof;
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reviewed significant issues raised by the
internal and forensic audit processes and
the adequacy of corrective action in
response to significant internal and forensic
audit findings;
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assessed the adequacy of the performance
of the internal audit function and found it to
be satisfactory; and
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based on the above, formed the opinion
that there were no material breakdowns in
internal control, including financial controls,
business risk management and maintaining
effective material control systems.
In respect of risk management and information
technology, the committee, insofar as relevant
to its functions:
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reviewed the group’s policies on risk
assessment and risk management, including
fraud risks and information technology risks
as they pertain to financial reporting and
the going-concern assessment, and found
them to be sound; and
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considered and reviewed the findings and
recommendations of the risk and
sustainability committee.
In respect of sustainability issues, the committee
has:
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considered the findings and recommendations
of the risk and sustainability committee; and
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met with senior management to consider the
findings on assurance, as well as to make
appropriate enquiries from management
and has, through this process, received the
necessary assurances that material
disclosures are reliable and do not conflict
with the financial information.
In respect of legal and regulatory requirements,
to the extent that these may have an impact on
the financial statements, the committee:
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reviewed with management, legal matters
that could have a material impact on the
group;
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reviewed with the company’s internal
counsel, the adequacy and effectiveness
of the group’s procedures to ensure
compliance with legal and regulatory
responsibilities;
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monitored complaints received via the
group’s whistle-blowing service, including
complaints or concerns regarding
accounting matters, internal audit, internal
accounting controls, contents of the financial
statements, potential violations of the law
and questionable accounting or auditing
matters; and
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considered reports provided by
management, the internal auditor and the
external auditor regarding compliance with
legal and regulatory requirements.