Integrated Reports Senwes Financial Review 2018 - Page 2

2 FINANCIAL REVIEW STATUTORY REPORTS STATEMENT OF RESPONSIBILITY BY THE BOARD OF DIRECTORS T he directors are responsible for the preparation, integrity and reasonableness of presentation of the separate and consolidated financial statements (“annual financial statements”) of the company and its subsidiaries, associate and joint ventures. The annual financial statements set out on page 90 to 160 have been pre- pared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), its interpretations issued by the IFRS Interpretations Committee (IFRIC), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and the Companies Act of South Africa. The directors are also responsible for the financial control and risk management of the company and its subsidiaries, which are reviewed regularly. These controls are de­ signed to provide reasonable but not absolute assurance with regards to the reliability of the annual financial statements, to provide adequate safeguarding and mainte- nance of assets and to prevent and identify misrepresentations and losses. Material deficiencies in the functioning of these controls, procedures and systems during the year under review that came to the attention of the board were addressed promptly and satisfactorily. The annual financial statements were prepared on a going concern basis. The direc- tors have no reason to believe that the group or any company in the group will not be a going concern in the foreseeable future, based on results, operational trends, market environment, estimates and forecasts, risks, capital structure and available cash and financial resources. FINANCIAL REVIEW The annual financial statements were audited by the independent auditor, Ernst & Young Inc. The independent auditor had unrestricted access to all financial records, including all minutes of the board, board committees, management and shareholder meetings. The board believes that all representations made to the independent audi- tor during the audit were valid and proper. The annual financial statements for the year ended 30 April 2018, set out on page 90 to 160, were approved by the board. JDM Minnaar CHAIRMAN Klerksdorp 26 June 2018 F Strydom GROUP CHIEF EXECUTIVE OFFICER CF Kruger GROUP CHIEF FINANCIAL OFFICER