Download Annual Report 2006 - Foskor

DIRECTORS’ DECLARATIONDIRECTORS’ RESPONSIBILITY FORTHE FINANCIAL STATEMENTSTo the members of Foskor (Pty) LimitedThe directors are responsible for monitoring the preparation and theintegrity of the financial statements and related information includedin this Report.In order for the Board to discharge its responsibilities, managementhas developed and continues to maintain a system of internal control.The Board has ultimate responsibility for the system of internal controland reviews its operation primarily through the audit committee andindirectly through other risk-monitoring committees.Foskor endorses the Code of Corporate Practices and Conduct ascontained in the King Report on Corporate Governance and adheresto the Code in all material respects.The directors believe that the Group will be a going concern in the yearahead. For this reason they continue to adopt the going concern basisin preparing the Group financial statements. The financial statementsfor the 12 month period ended 31 March 2006 set out on pages 17to 53 were approved by the Board of Directors on 19 June 2006 andare signed on its behalf byAdequate accounting records and an effective system of internalcontrols are maintained to provide reasonable assurance that assetsare safeguarded and that transactions are executed in accordancewith policies and procedures.MA PitsePresident and Chief Executive OfficerLL Van NiekerkChairmanAs part of the system of internal control the internal audit functionconducts operational, financial and specific audits and co-ordinatesaudit coverage with the external auditors. The external auditors areresponsible for reporting on the financial statements.The financial statements are prepared in accordance with InternationalFinancial Reporting Standards and incorporate responsible disclosurein line with the accounting philosophy of the Group. The financialstatements are based on appropriate accounting policies consistentlyapplied and supported by reasonable and prudent judgements andestimates.CERTIFICATE BY COMPANY SECRETARYI hereby certify that the company has lodged with the registrar allsuch returns as required in terms of the Companies Act of 1973 asamended.AUS KhanyileSecretary15