Full annual report - Zurich

directors’ responsibility andapproval of annual financial statementsSA EAGLE22To the members of South African Eagle Insurance CompanyLimitedIt is the Directors’ responsibility to ensure that the financialstatements fairly present the state of affairs of the Company andthe Group. The external auditors are responsible forindependently reviewing and reporting on the financialstatements.The financial statements set out in this report have beenprepared by management in accordance with South AfricanStatements of Generally Accepted Accounting Practice and in themanner required by the Companies Act in South Africa. They arebased on appropriate accounting policies which have beenconsistently applied and which are supported by reasonable andprudent judgements and estimates.The Company’s internal controls and systems are designed toprovide reasonable assurance as to the integrity and reliability ofthe financial statements and to adequately safeguard, verify andmaintain accountability of its assets. Such controls are based onestablished written policies and procedures which are monitoredthrough the Company and all employees are required tomaintain the highest ethical standards in ensuring that theCompany’s business practices are conducted in a manner whichin all reasonable circumstances is above reproach.The Audit Committee, which has been operating for a number ofyears and which comprises Non-Executive Directors, meetsperiodically with management and both the internal and external auditorsto review the financial statements, accounting policies and the systemsand procedures in respect of the production of management information,business risk management and internal controls. Nothing has come to theattention of the Directors to indicate that any material breakdown in thefunctioning of these controls, systems and procedures has occurred duringthe year under review.In the light of the current financial position, the Directors are satisfied thatSA Eagle is a going concern and have continued to adopt the goingconcern basis in preparing the financial statements. The Group’s externalauditors, PricewaterhouseCoopers, have audited the financial statementsand their unqualified report appears on page 21. This statement concurswith the Director’s statements on internal financial controls and goingconcern.The Company and Group Annual Financial Statements which are set outon page 23 to 43 were, in accordance with their responsibilities, approvedby the Board of Directors on 11 February 2004 and are signed on itsbehalf by:GM RiddellCHAIRMANJohannesburg, 11February 2004NV BeyersMANAGING DIRECTORcertificate by company secretaryIn my opinion as Company Secretary, I hereby confirm, in termsof the Companies Act, 1973, for the year ended 31 December2003, that the Company will lodge with the Registrar ofCompanies all such returns as are required of a public companyin terms of this Act and that all such returns are true, correctand up to date, and that all other statutory returns have beenlodged when so required.JM CarterSECRETARY