Astral Foods Annual Report 2008

STATEMENT OF DIRECTORS’ RESPONSIBILITYThe directors are responsible for the preparation, integrity and fair presentation of the financial statements of AstralFoods Limited and its subsidiaries. The financial statements presented on pages 32 to 82 have been prepared inaccordance with International Financial Reporting Standards (IFRS), and in the manner required by the Companies Act ofSouth Africa and include amounts based on judgments and estimates made by management.The preparation of financial statements in conformity with IFRSs requires management to make estimates andassumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and thereported expenses during the reporting period. Actual results could differ from those estimates.The directors consider that in preparing the financial statements they have used the most appropriate accountingpolicies, consistently applied and supported by reasonable and prudent judgments and estimates, and that all IFRS thatthey consider to be applicable have been followed. The directors are satisfied that the information contained in thefinancial statements fairly presents the results of operations for the year and the financial position of the company andthe group at year end.The directors have responsibility for ensuring that accounting records are kept. The accounting records should disclosewith reasonable accuracy the financial position of the company and the group to enable the directors to ensure that thefinancial statements comply with the relevant legislation.Astral Foods Limited and its subsidiaries operated in an established control environment, which is well documented andregularly reviewed. This incorporates risk management and internal control procedures, which are designed to providereasonable, but not absolute, assurance that assets are safeguarded and the risks facing the business are beingcontrolled.The going concern basis has been adopted in preparing the financial statements. The directors have no reason to believethat the company and the group will not be a going concern in the foreseeable future based on forecasts and availablecash resources. These financial statements support the viability of the company and the group.The financial statements have been audited by the independent auditors, PricewaterhouseCoopers Incorporated, whowere given unrestricted access to all financial records and related data, including minutes of all meetings of shareholders,the board of directors and committees of the board. The directors believe that all representations made to theindependent auditors during their audit are valid and appropriate.The audit report of PricewaterhouseCoopers Incorporated is presented on page 31.Astral Foods Annual Report 200830