Afrikaans Annual Financial Statements
Naspers
 

GOVERNANCE

IN THIS SECTION

REPORT OF THE AUDIT COMMITTEE

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for the year ended 31 March 2014

The audit committee submits this report, as required by section 94 of the South African Companies Act No 71 of 2008 (“the Act”).

FUNCTIONS OF THE AUDIT COMMITTEE

The audit committee has adopted formal terms of reference, delegated by the board of directors, as set out in its audit committee charter. The audit committee has discharged the functions in terms of its charter and ascribed to it in terms of the Act as follows:

reviewed the interim, provisional, year-end financial statements and integrated annual report, culminating in a recommendation to the board to adopt them. In the course of its review the committee:
took appropriate steps to ensure the financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) and in the manner required by the Act
considered and, when appropriate, made recommendations on internal financial controls
dealt with concerns or complaints on accounting policies, internal audit, the auditing or content of annual financial statements, and internal financial controls, and
reviewed legal matters that could have a significant impact on the organisation’s financial statements
reviewed external audit reports on the annual financial statements
reviewed the board-approved internal audit charter
reviewed and approved the internal audit plan
reviewed internal audit and risk management reports and, where relevant, made recommendations to the board
evaluated the effectiveness of risk management, controls and governance processes
verified the independence of the external auditor, nominated PricewaterhouseCoopers Inc. as auditor for 2014 and noted the appointment of Mr Anton Wentzel as the designated auditor
approved audit fees and engagement terms of the external auditor, and
determined the nature and extent of allowable non-audit services and approved contract terms for non-audit services by the external auditor.

MEMBERS OF THE AUDIT COMMITTEE AND ATTENDANCE AT MEETINGS
INTERNAL AUDIT
ATTENDANCE
CONFIDENTIAL MEETINGS
INDEPENDENCE OF THE EXTERNAL AUDITOR
EXPERTISE AND EXPERIENCE OF THE FINANCIAL DIRECTOR AND THE FINANCE FUNCTION
DISCHARGE OF RESPONSIBILITIES