ADDITIONAL CORPORATE GOVERNANCE INFORMATION
A closer look at the audit committee
Among other things, the committee reviews interim and final financial statements to ensure they accurately reflect our financial position in line with Group accounting policies and in compliance with International Financial Reporting Standards. The committee then recommends to the board the publication of such results.
The committee also assesses whether significant statutory and financial risks have been identified and are being monitored and managed through internal financial controls, and that appropriate standards of accounting, governance, reporting and compliance are in operation.
The audit committee determines the purpose, authority and responsibility of the internal audit function under the internal audit charter. Most divisional internal audit functions are performed in-house under the guidance and coordination of the Group internal audit manager. The committee reviews the scope and coverage of the internal audit function, making recommendations where necessary.
The audit committee recommends to the board, for its consideration and acceptance by shareholders, the appointment of external auditors. The audit committee also sets out the principles for the performance of non-audit services by the external auditors. The audit committee reviews both the Group and divisional audit committee reports.
The Group has adopted the principle of having one set of auditors per division, while rationalising the balance of audit firms engaged to two (Deloitte & Touche and KPMG Inc).
Deloitte & Touche replaced KPMG Inc. as the Group’s lead auditors in the 2008 financial year. The committee has reviewed and confirmed the independence and objectivity of the external auditors. Accordingly, Deloitte & Touche were proposed as the Group auditors for the coming financial year.
Each division has its own audit committee, operating under a delegated authority of the Group audit committee. The divisional audit committees report to divisional boards and the Group audit committee. Each divisional audit committee has at least one member who is a non-executive to the division. A non-executive presides over the divisional committee.
In line with the Corporate Laws Amendment Act (effective, December 2007), the audit committee has been be reconstituted and is made up solely of independent non-executive members.
Bidvest's vision lies in the realm of possibility
“Bidvest people put in a resilient performance and the Group achieved a creditable result.”
statement
“We refuse to participate in the recession and salute our employees for their efforts in exceptionally difficult trading conditions.”