Financials 2019 Integrated Annual Report 2019

4 AVBOB MUTUAL ASSURANCE SOCIETY AND ITS SUBSIDIARIES REPORT OF THE GROUP AUDIT COMMITTEE FOR THE YEAR ENDED 30 JUNE 2019 NA COWIE CHAIRPERSON 25 September 2019 The Committee has reviewed the financial statements and recommended these to the Board of Directors for approval. The Group Audit Committee has been constituted in accordance with applicable legislation and regulations. The Committee comprised of three independent non-executive directors for the September 2018 meeting and four independent non-executive directors for the remainder of the meetings. Three meetings were held during the financial year during which the members fulfilled their functions as prescribed by the Companies Act 71 of 2008 and the Insurance Act 18 of 2017. The Committee also executed its duties and responsibilities in accordance with the terms of reference of its mandate. Detailed information on the activities of the Committee is contained in the corporate governance section of the integrated annual report. The committee members were formally appointed by the members of the Society at the Annual General Meeting. The composition of the Committee and details of their attendance of Committee meetings is set out in the Directors' report in the annual financial statements. Based on the information and explanations given by management and the internal and external assurance providers, the Committee is of the opinion that effective systems of internal control, including financial controls and risk management, are being maintained. Nothing has come to the attention of the Committee to indicate that any breakdown in the functioning of these controls, resulting in material loss to the Group, has occurred during the year and up to the date of this report. The Committee has satisfied itself that the external auditors are independent of the Group and are thereby able to conduct their audit functions without any influence from the Group. The Committee has also satisfied itself that the Financial Director, Ms TA Cooper, has the appropriate expertise and experience to fulfil her role. The Committee has further satisfied itself of the expertise, resources and experience of the Group's financial function. 85