Directors’
responsibility for the financial statements
To
the members of The Bidvest Group Limited
The directors are responsible for monitoring the
preparation and integrity of the financial statements
and related information included in this report.
In order for the board to discharge its responsibilities,
management has developed and continues to maintain
a system of internal control. The board has ultimate
responsibility for the system of internal control
and reviews its operation primarily through the
audit and risk committees.
The internal controls include a risk-based system
and accounting and administrative controls designed
to provide reasonable, but not absolute, assurance
that assets are safeguarded and that transactions
are executed and recorded in accordance with generally
accepted business practices and the Group’s
policies and procedures. These controls are implemented
by trained, skilled personnel with appropriate
segregation of duties; are monitored by management
and include a comprehensive budgeting and reporting
system, operating within strict deadlines and
an appropriate control framework.
As part of the system of internal control, the
Group’s internal audit functions conduct
operational, financial and specific audits and
co-ordinate audit coverage with the external auditors.
The external auditors are responsible for reporting
on the financial statements.
The financial statements are prepared in accordance
with International Financial Reporting Standards.
The financial statements are based on appropriate
accounting policies consistently applied and supported
by reasonable and prudent judgements and estimates.
Nothing has come to the attention of the directors
to indicate that any material breakdown in the
functioning of internal controls and systems has
occurred.
The directors believe that the Group will be a
going concern in the year ahead. For this reason,
they continue to adopt the going concern basis
in preparing the Group financial statements.
The financial statements for the year ended June
30 2006, set out in the Annual
Financial Statements section, were approved
by the board of directors on September 1
2006 and are signed on its behalf by:
