Grain SA Annual Report 2022

105

he Executive is required to maintain adequate accounting records and is respon-

sible for the content and integrity of the annual financial statements and related

financial information included in this report. It is their responsibility to ensure that

the annual financial statements fairly present the state of affairs of the organisation

as at the end of the financial year and the results of its operations and cash flow

for the period then ended, in conformity with the International Financial Reporting Standard for

Small and Medium-sized Entities. The external auditors are engaged to express an independ-

ent opinion on the annual financial statements.

The annual financial statements are prepared in accordance with the International Financial

Reporting Standard for Small and Medium-sized Entities and are based upon appropriate ac-

counting policies consistently applied and supported by reasonable and prudent judgements

and estimates.

The Executive acknowledges that they are ultimately responsible for the system of internal control

established by the organisation and places considerable importance on maintaining a strong control

environment. To enable the Executive to meet these responsibilities, they set standards for internal

control aimed at reducing the risk of error or loss in a cost-effective manner. The standards include

the proper delegation of responsibilities within a clearly defined framework, effective accounting pro-

cedures and adequate segregation of duties to ensure an acceptable level of risk. These controls are

monitored throughout the organisation and all employees are required to maintain the highest ethical

standards in ensuring the organisation’s business is conducted in a manner that in all reasonable

circumstances is above reproach.

The focus of risk management in the organisation is on identifying, assessing, managing and

monitoring all known forms of risk across the organisation. While operating risk cannot be fully

eliminated, the organisation endeavours to minimise it by ensuring that appropriate infrastructure,

controls, systems and ethical behaviour are applied and managed within predetermined proce-

dures and constraints.

FINANC

IAL

STATEMEN

EXECUTIVE’S

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responsibilities

APPROVAL