compressed_Annual Report 2016-ilovepdf-compressed

STATEMENT OF RESPONSIBILITY BY THE BOARD OF DIRECTORS
for the year ended 31 March 2016
The board of directors is responsible for the preparation,
integrity and fair presentation of the financial statements of
Sincephetelo Motor Vehicle Accidents Fund. The financial
statements presented on pages 27 to 61 have been prepared
in accordance with International Financial Reporting
Standards and in the manner required by the Motor
Vehicle Accidents Act of 1991, as amended, and include
amounts based on judgements and estimates made by
management. The board of directors also prepared the
other information included in the annual report and are
responsible for both its accuracy and its consistency with
the financial statements.
The board of directors is also responsible for the Fund’s
system of internal financial control. These are designed to
provide reasonable, but not absolute assurance as to the
reliability of the financial statements, and to adequately
safeguard, verify and maintain accountability of the assets,
and to prevent and detect misstatement and loss. Nothing
has come to the attention of the Board to indicate
that any material breakdown in the functioning of these
controls, procedures and system has occurred during the
year under review.
The going concern basis has been adopted in preparing
the financial statements. The board of directors has
no reason to believe that the Fund will not be a going
concern in the foreseeable future based on strategic
initiatives and available cash resources. These financial
statements support the viability of the Fund.
The financial statements have been audited by the
independent firm of auditors, PricewaterhouseCoopers,
which was given unrestricted access to all financial
records and related data, including minutes of the board
of directors and Committees of the Board. The board of
directors believes that all representations made to the
independent auditors during their audit are valid and
appropriate.
The audit report of PricewaterhouseCoopers is presented
on page 25.
The financial statements were approved by the board of
directors and are signed on its behalf by:
CHAIRMAN
DATE
BOARD MEMBER
DATE
CHIEF EXECUTIVE OFFICER
DATE
24
ANNUAL REPORT 2017