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Executive’s responsibilities
and approval
Hoofbestuur verantwoorde-
likhede en goedkeuring
T
he Executive is required to maintain adequate accounting re-
cords and is responsible for the content and integrity of the finan-
cial statements and related financial information included in this
report. It is their responsibility to ensure that the 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 flows for
the period then ended, in conformity with the International Financial
Reporting Standard for Small and Medium-sized Entities.
The financial statements are prepared in accordance with the
International Financial Reporting Standard for Small and Medium-
sized Entities and are based upon appropriate accounting policies
consistently applied and supported by reasonable and prudent
judgements and estimates.
The Executive acknowledge that they are ultimately responsible for
the system of internal financial control established by the organisation
and place considerable importance on maintaining a strong control
environment. To enable the Executive to meet these responsibilities,
the Executive sets 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 procedures 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 procedures
and constraints.
The Executive are of the opinion, based on the information and
explanations given by Management, that the system of internal control
provides reasonable assurance that the financial records may be
relied on for the preparation of the financial statements. However, any
H
oofbestuur moet toereikende rekeningkundige rekords handhaaf
en is verantwoordelik vir die inhoud en integriteit van die finan-
siële state en verwante finansiële inligting wat by hierdie verslag
ingesluit is. Dit is hulle verantwoordelikheid om te verseker dat die
finansiële state ’n redelike weergawe is van die stand van sake van die
organisasie soos op die einde van die finansiële jaar en die resultate van
sy bedrywighede en kontantvloei vir die tydperk wat op daardie datum
geëindig het, in ooreenstemming met die International Financial Report-
ing Standard for Small and Medium-sized Entities.
Die finansiële state is ooreenkomstig die International Financial
Reporting Standard for Small and Medium-sized Entities opgestel en
is gebaseer op toepaslike rekeningkundige beleid wat konsekwent
toegepas is en wat deur redelike en verstandige oordeel en ramings
ondersteun word.
Die Hoofbestuur erken dat hul uiteindelik verantwoordelik is vir die
stelsels van interne finansiële beheer wat deur die organisasie inge-
stel is en plaas aansienlike klem op die handhawing van ’n streng be-
heeromgewing. Die Hoofbestuur stel standaarde vir interne beheer wat
daarop gemik is om die risiko van foute of verliese op ’n koste-effek-
tiewe wyse te verminder, om die Hoofbestuur in staat te stel om hierdie
verantwoordelikhede na te kom. Die standaarde sluit in die behoorlike
delegasie van verantwoordelikhede binne ’n duidelik gedefinieerde
raamwerk, effektiewe rekeningkundige prosedures en toereikende
skeiding van pligte om ’n aanvaarbare risikovlak te verseker. Hier-
die beheermaatreëls word regdeur die organisasie gemonitor en alle
werknemers word verplig om die hoogste etiese standaarde te hand-
haaf om te verseker dat die organisasie se besigheid uitgevoer word op
’n wyse wat in alle redelike omstandighede bo verdenking is. Die orga-
nisasie se fokus op risikobestuur is gerig op die identifisering, evalue-
ring, bestuur en monitering van alle bekende risiko’s in die organisasie.
Hoewel die bedryfsrisiko nie heeltemal uitgeskakel kan word nie, poog
die organisasie om dit tot ’n minimum te beperk deur te verseker dat
die toepaslike infrastruktuur, kontroles, stelsels en etiese gedrag binne
voorafbepaalde prosedures en beperkings toegepas en bestuur word.
Die Hoofbestuur is van mening, gebaseer op die inligting en verduide-
likings wat deur die Bestuur gegee is, dat die interne beheerstelsels