126 FINANCIAL STATEMENTS Grain South Africa Board responsibilities and approval The Grain South Africa Board is required to maintain adequate accounting records and are responsible 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 group of entities and 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 IFRS for SME® Accounting Standard. The external auditor is engaged to express an independent opinion on the annual financial statements. The annual financial statements are prepared in accordance with the IFRS for SME® Accounting Standard and are based upon appropriate policies consistently applied and supported by reasonable and prudent judgements and estimates. The Grain South Africa Board acknowledge that they are ultimately responsible for the system of internal control established by the group of entities and the organisation and place considerable importance on maintaining a strong control environment. To enable the Grain South Africa Board 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 procedures and adequate segregation of duties to ensure an acceptable level of risk. These controls are monitored throughout the group of entities and separate organisation and all employees are required to maintain the highest ethical standards in ensuring the group of entities and separate organisation business is conducted in a manner that in all reasonable circumstances is above reproach. The focus of risk management in the group of entities and the organisation is on identifying, assessing, managing and monitoring all known forms of risk across the group of entities and the organisation. While operating risk cannot be fully eliminated, the group of entities and 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 Grain South Africa Board is also responsible for the control over, and the security of the group of entities and separate organisation's website and where applicable, for establishing and controlling the process for electronically distributing Annual Reports and other financial information of the group of entities and separate organisation. The Grain South Africa Board is 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 annual financial statements. However, any system of internal control can provide only reasonable, and not absolute assurance against material misstatement or loss. The Grain South Africa Board has reviewed the group of entities and separate organisation's cash flow forecast for the year to 30 September 2026 and, in the light of this review and the current financial position, they are satisfied that the group of entities and separate organisation have access to adequate resources to continue in operational existence for the foreseeable future. The external auditor is responsible for independently auditing and reporting on the group of entities and the organisation's annual financial statements. The consolidated and separate financial statements have been examined by the group of entities and the organisation's external auditor and their audit report is presented on pages 131 to 133. The Grain South Africa Board acknowledge that they are ultimately responsible for the system of internal control established by the group of entities and the organisation and place considerable importance on maintaining a strong control environment.
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