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| Directors’ responsibility
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| for financial
reporting |
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In accordance with South Africa
Companies Act requirements, the directors are
required to maintain adequate accounting records
and are responsible for the content and integrity
of the group and company annual financial statements
of Alexander Forbes Limited and related financial
information included in this report. It is their
responsibility to ensure that the financial statements,
for each financial year, fairly present the state
of affairs of the group and company at the end
of the financial year and the results of their
operations and cash flows, in conformity with
International Financial Reporting Standards (“IFRS”).
The accounting policies supported by judgements,
estimates and assumptions which comply with IFRS,
have been applied on a consistent and going concern
basis.
It is the responsibility of the independent auditors
to report on the fair presentation of the financial
statements. Their unqualified audit report appears
on page 65.
The directors are ultimately responsible for the
internal controls of the group. To enable the
directors to meet these responsibilities, management
design and implement standards and systems of
internal controls to provide reasonable, but not
absolute, assurance as to the integrity and reliability
of the financial statements in accordance with
IFRS and to adequately safeguard, verify and maintain
accountability for group assets. Systems and controls
include the proper delegation of responsibilities
within a clearly defined framework, effective
accounting procedures and adequate segregation
of duties.
Based on the information and explanations given
by management and the internal and external auditors,
the directors are of the opinion that the system
of internal controls provides reasonable assurance
that the financial records may be relied on for
the preparation of the group and company annual
financial statements, in accordance with IFRS.
Nothing has come to the attention of the directors
to indicate that any breakdown in the functioning
of the internal controls, resulting in a material
loss to the group, has occurred during the year
and up to the date of this report.
The directors have a reasonable expectation that
the group and company have adequate resources
to continue in operational existence for the foreseeable
future. For this reason, the directors continue
to adopt the going concern basis in preparing
the group and company annual financial statements. |
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| Directors approval
of annual financial statements |
| The group and company financial
statements, prepared in accordance with IFRS,
which appear on pages 66 to 153, were approved
by the board of directors on 30 June 2006 and
are signed on their behalf by: |
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| PL Heinamann |
| Chairman |
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| RI Gordon |
| Group chief
executive |
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