NVFH 2020 Integrated Annual Report

The Committee is satisfied that the Group has optimised
the assurance coverage obtained from management
and external assurance providers, in accordance with an
appropriate combined assurance model.
The Committee has, at its meeting held on 25 May 2020,
recommended the Integrated Report for approval by the
Board, subject to certain stylistic and formatting changes
requested at that meeting.
• Going concern
The Committee has reviewed a documented assessment
including key assumptions, prepared by management, of
the going concern status of the Company and has made
recommendation to the Board in accordance therewith.
The Board’s statement on the going concern status of the
Company, as supported by the Committee, is elsewhere in
the Integrated Report.
until his appointment onto the Board. The Group is currently
assessing the appropriate course of action to take in respect
of the appointment of a permanent Financial Director.
Where necessary, additional skills and expertise have been
contracted to strengthen the overall timing and delivery of
outputs, particularly in relation to IFRS and the preparation
of the Annual Financial Statements. The Committee satisfied
itself that the Interim Financial Director has the appropriate
expertise and experience to discharge the responsibilities
of that role.
The Committee has considered and has satisfied itself of
the appropriateness of the expertise and adequacy of
resources of the Finance Function and the experience
of the senior members of management responsible for
the Finance Function, in conjunction with the insourced
expertise and skills.
• Governance of risk
The Committee is further assigned oversight of the Group’s
risk management function. The Committee fulfils this
oversight role with particular regard to financial reporting
risks, internal financial controls, fraud risk as it relates to
financial reporting, and information technology risk.
_____________________________
Dr Lana Weldon
Chairman
25 May 2020
• Internal audit
During the year under review, the Group did not have an
internal audit function. The Committee is satisfied that the
current nature of the business warrants a Group Compliance
function as opposed to an internal audit function. The
Committee has satisfied itself that no factors have arisen which
have caused the Committee to amend its recommendation
that no internal audit function is required for the Group at
this time. In addition, the Committee continually assesses
the need to establish an internal audit department as the
Group’s operations increase and this is a standing agenda
item for consideration at each meeting. The Board has taken
responsibility to ensure that an effective governance, risk
management and internal control environment has been
maintained.
During the year under review, the Committee had the
opportunity to meet with the external auditors without
management being present.
The Committee is satisfied that it has complied with its legal,
regulatory and other responsibilities.
Evaluation of the expertise and experience of
the Financial Director and the Finance Function
Mr Glenn Orsmond resigned as Financial Director of the
Group with effect from 01 May 2019 in order to take up a
position in the aviation industry. Charl Herselman CA(SA)
was subsequently appointed to serve on the Board as
Interim Financial Director with effect from 1 November 2019.
Charl had already fulfilled the duties and responsibilities
of the Financial Director since the departure of Glenn
Orsmond as well as having served as Head: Group Finance
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NVest Financial Holdings Limited | INTEGRATED ANNUAL REPORT 2020