Integrated Reports Senwes Financial Review 2018 - Page 4

4 FINANCIAL REVIEW REPORT OF THE SENWES AUDIT COMMITTEE W e are pleased to present our report for the finan- cial year ended 30 April 2018 in accordance with section 94(7)(f) of the Companies Act, 71 of 2008. The manner in which the Audit Committee carried out its duties is referred to in the corporate governance report in respect of roles and responsibilities and mandate. The committee consists of five non-executive directors, three of whom are independent, and meets at least three times per annum as per the committee mandate and terms of reference. Meeting attendance Changes SF Booysen - B.Compt (Hons), D.Com, CA (SA) 3/3 None JBH Botha - BLC.LLB, HDip (Tax) 3/3 None AJ Kruger - B.Compt (Hons), CA (SA) 3/3 None NDP Liebenberg - B.Com (Hons), M. Sustainable Agriculture 3/3 None SM Mohapi - Graduate Diploma in Company Direction (NQF 7), Diploma in Investment Manage- ment (UJ) 2/3 None Name of member EXTERNAL AUDITOR The committee is satisfied that the external auditor, Ernst & Young Inc., is independent of the group, as determined in terms of the Companies Act, which includes consideration of compliance with criteria relating to independence or conflicts of interest as pre- FINANCIAL REVIEW scribed by the Independent Regulatory Board of Auditors. The committee, in consultation with executive management, agreed to the engagement letter, terms, audit plan and budge­ ted audit fees for the 2018 financial year. A formal written policy and procedures (incorporating an autho­ rity matrix) governs the process whereby the external auditor is considered for non-audit services. The committee approved the terms of the written policy for the provision of non-audit services by the external auditor and approved the nature and extent of non-audit services that the external auditor may provide. FINANCIAL STATEMENTS (including accounting practices) The committee reviewed the financial statements of the com- pany and the Senwes group and is satisfied that they comply with International Financial Reporting Standards in all material respects. FINANCIAL FUNCTION AND GROUP CHIEF FINANCIAL OFFICER REVIEW The committee is satisfied that the group chie