annual financial statements - Nedbank Group Limited

44
NEDNAMIBIA HOLDINGS LIMItED ANNUAL REPORt 2010
DIrECTorS’ RESPONSIBILItY
FOR THE YEAR ENDED 31 DEcEmbER 2010
The directors are responsible for the preparation and fair presentation of
the Group annual financial statements and related information included
in this annual report. The annual financial statements presented on
pages 30 to 35 and 50 to 134 have been prepared in accordance with,
and comply with, International Financial Reporting Standards (“IFRS”)
adopted by the International Accounting Standards board (“IASb”),
and interpretations issued by the International Financial Reporting
Interpretations committee of the IASb and the Namibian companies
Act and include amounts based on judgements and estimates made by
management. The directors have also prepared the other information
included in the annual report and are responsible for both its accuracy
and its consistency with the annual financial statements.
To enable the board to discharge its responsibilities, management has
developed and continues to maintain a system of internal financial
control. The board has ultimate responsibility for this system of internal
control and reviews the effectiveness of its operation primarily through
the Audit and Risk and capital management committees and other risk
monitoring functions.
The internal financial controls include risk-based systems of accounting
and administrative controls designed to provide reasonable, but not
absolute, assurance that assets are safeguarded and that transactions
are executed and recorded in accordance with generally accepted
business practices and the Group’s written policies and procedures.
These controls are implemented by trained, skilled staff, with clearly
defined lines of accountability and an appropriate segregation of
duties. The controls are monitored by management and include a
comprehensive budgeting and reporting system operating within
strict deadlines and an appropriate control framework. As part of the
system of internal financial control the Nedbank Namibia’s Internal
Audit function conducts operational, financial and specific audits and
coordinates audit coverage with the external auditors.
The annual financial statements have been audited by the independent
Auditors, Deloitte & Touche, who were 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 the independent
auditors during the audit are valid and appropriate.
The going-concern basis has been adopted in preparing the financial
statements. The directors have no reason to believe that the Group
or any company within the Group will not be a going concern in
the year ahead, based on forecasts and available cash resources.
These annual financial statements support the viability of the company
and the Group.
The audit report of the independent auditors is presented on page 47.
The annual financial statements were approved and authorised for issue
by the board of Directors on 25 February 2011 and are signed on its
behalf by:
T J Frank (SC) E T Hoveka
chairman managing Director