REPORT 2019
Integrated risk management and combined assurance
The Board, with the support of the Audit and Risk Committee, is ultimately responsible for AYO’s system of internal control, designed to identify, evaluate, manage and provide reasonable assurance against material misstatement and loss. We adopt a combined assurance model, which seeks to optimise the assurance obtained from management and internal and external assurance providers while fostering a strong ethical culture and mechanisms to ensure compliance.
Through our enterprise risk management approach, approved by the Board, management identifies key risks facing AYO and implements the necessary internal controls. The process is monitored and evaluated under the direction of internal audit, while external audit covers key controls and accounting matters in the course of their audit. Other levels of external assurance are obtained as and when required.
The Board and the Audit and Risk Committee assessed the effectiveness of controls for the year ending 31 August 2019 as satisfactory, principally through a process of management self-assessment, including formal confirmation from executive management and also considered reports from internal audit, external audit and other assurance providers. Refer to Audit & Risk Committee Report for the report of the Audit and Risk Committee.
An independent audit of the consolidated annual financial statements was performed by BDO South Africa Inc. for the year ended 31 August 2019. Refer to our website for the consolidated Annual Financial Statements and the Independent Auditor’s Report.
External verification has been provided for the Broad-Based Black Economic Empowerment (B-BBEE) accreditation level. The verification has been performed by an organisation accredited by the South African National Accreditation System (SANAS).
The remainder of the Integrated Report has not been subjected to an independent audit or review. The information reported on, other than that mentioned above, is derived from the Group’s own internal records and information available in the public domain.
Management, the Board and the Audit and Risk Committee have reviewed this report.
