86 / 136
86
MultiChoice South Africa Holdings Proprietary Limited
Integrated annual report 2018
Corporate governance review
(continued)
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:
h
Reviewed the interim, annual 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
annual 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
annual financial statements.
h
Reviewed external audit reports on the
consolidated and separate annual financial
statements.
h
Reviewed the internal audit charter.
h
Reviewed and approved the internal and
external audit plans.
h
Reviewed internal audit, risk management
and fraud reports and, where relevant, made
recommendations to the board.
h
Evaluated the effectiveness of risk management,
controls and governance processes.
h
Verified the independence of the external
auditor, nominated PwC as auditor for 2018
and noted the appointment of Ms Alinah
Motaung as the designated auditor for the
2019 financial year.
The audit committee submits this report, as
required by section 94 of the South African
Companies Act No 71 of 2008 (the Act).
Members of the audit committee
and attendance at meetings
The audit committee consists of the non-
executive directors listed below and meets at
least three times per year in accordance with
its charter. All members act independently as
described in section 94 of the Act. The internal
and external auditors, in their capacity as
auditors to the group, attended and reported
at ordinary quarterly meetings of the audit
committee. The group risk management
function was also represented. The chair of
the boards is not a member or chair of the
audit committee and attends audit committee
meetings by invitation. The chair of the audit
committee is an independent non-executive
director, categorised as such under King IV
TM
.
The names of the members who were in
office during the financial year:
Name of committee
member
Date of first
appointment to
committee
Don Eriksson (chair)
8 March 2007
Salukazi Dakile-
Hlongwane
11 August 2010
Elias Masilela
1 April 2015
Member qualifications and meeting
attendance can be found on
pages 74 to 76.The board unanimously recommend to
shareholders at the annual general meeting that
the current committee members be re-elected.
All audit committee members served on the
committee for the full financial year.
Report of the audit committee
for the year ended 31 March 2018