GOVERNANCE > Overview
A Berman (Chairman)
WP van der Merwe
The committee meets a minimum of three times a year with special meetings called as and when required. The committee also meets
with the group's external auditors and Taste Holdings' executive management periodically.
Comprises three independent non-executive directors. The CEO and CFO who attend meetings by invitation do not have a vote. The chairperson of the board is not a member of the committee. The external auditor also attends meetings by invitation.
The audit committee ensures that appropriate checks and balances are in place to ensure robust, independent and efficient audit processes and that financial reporting throughout the group is accurate and reliable. The audit committee has updated, formal board approved terms of reference. The board is satisfied that the committee has complied with these terms and with its legal and regulatory responsibilities as set out in the Act, King III and the JSE Listings Requirements. The terms of reference for the audit committee intend to ensure compliance with both governance recommendations and statutory requirements.
The board believes that the members collectively possess the knowledge and experience to exercise oversight of the company's financial management, external auditors, the quality of the company's financial controls, the preparation and evaluation of the company's financial statements and financial reporting. The board has established and maintains internal controls and procedures, which are reviewed on a regular basis. These are designed to manage the risk of business failures and to provide reasonable assurance against such failures but this is not a guarantee that such risks are eliminated.
In February 2016, the audit and risk committee formally
evaluated the performance and effectiveness of the external
auditor in terms of King III and the JSE Listings Requirements.
It confirmed the suitability and effectiveness of the external
auditor and nominated BDO South Africa Inc. for reappointment as external auditor for the coming financial year, having satisfied
itself that the company and its individual auditors are properly
accredited and independent.
The committee also determines and carefully monitors the use of the external auditor for non-audit-related services. The formal policy in place precludes the auditor from providing services that could impair audit independence.