AVBOB Financial Statements 2018

87 AVBOB MUTUAL ASSURANCE SOCIETY AND ITS SUBSIDIARIES STATEMENT OF RESPONSIBILITY BY THE BOARD OF DIRECTORS FOR THE YEAR ENDED 30 JUNE 2018 The audit report of PricewaterhouseCoopers Incorporated is presented on page 92. PA DELPORT JF RADEMAN CHAIRMAN CHIEF EXECUTIVE OFFICER The summarised financial statements have been audited by the independent auditor, PricewaterhouseCoopers Incorporated, who were given unrestricted access to all financial records and related data, including minutes of all meetings of policyholders, the Board of Directors and Committees of the Board. The directors believe that all representations made to the independent auditors during their audit are valid and appropriate. The summarised financial statements were approved by the Board of Directors on 27 September 2018 and are signed on its behalf by: The responsibility of the external auditor, PricewaterhouseCoopers Incorporated, is to express an independent opinion on the fair presentation of the summarised financial statements based on their audit of AVBOB Mutual Assurance Society and its subsidiaries. The directors of the Society are responsible for the preparation, integrity and fair presentation of the summarised financial statements of AVBOB Mutual Assurance Society and its subsidiaries. The summarised financial statements as presented on pages 93 to 117 have been prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS), IAS 34 Interim financial statements and the requirements of the Companies Act 71 of 2008 of South Africa as applicable to summary financial statements. The directors are responsible for and the Group Audit Committee has confirmed that effective systems of internal control and risk management are being maintained. There were no material breakdowns in the functioning of the internal financial control systems during the year. The Board is satisfied that the financial statements fairly present the financial position, the results of operations and cash flows in accordance with the framework concepts and the measurement and recognition requirements of IFRS, IAS 34 Interim financial statements and the requirements of the Companies Act 71 of 2008 of South Africa as applicable to summary financial statements and that they are supported by reasonable and prudent judgements that are consistently applied. The directors are also responsible to prepare all other information included in the annual report including its accuracy and consistency with the financial statements. The going concern basis has been adopted in preparing the financial statements. Based on forecasts and available cash resources the directors have no reason to believe that the Society or any company within the Group will not comply with the going concern principle in the foreseeable future. These financial statements support the viability of the Society and the Group. 87