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SUN INTERNATIONAL ANNUAL REPORT ’10
The audit committee appointed by the board in respect of the financial
year ended 30 June 2010 comprised Mr GR Rosenthal (chairman),
Ms ZBM Bassa and Messrs MP Egan, DM Nurek and E Oblowitz (the
committee), who are all independent non-executive directors of the company.
The committee is satisfied that in respect of the financial year it has
performed all the functions required by law to be performed by an audit
committee, including as set out by section 270A (1) (a) to (h) of the
Companies Act and in terms of the committee’s terms of reference and
as more fully set out in the corporate governance report (pages 99 to 117).
In this connection the committee has:
� evaluated the independence and effectiveness of the external
auditors, PricewaterhouseCoopers Inc., and is satisfied that the
external auditors are independent of the company, having given
due consideration to the parameters enumerated under section
270A (5) (a) to (d) of the Companies Act. The committee accordingly
nominates PricewaterhouseCoopers Inc. as independent auditors
to continue in office until the conclusion of the 2011 annual
general meeting, noting that Mr DB von Hoesslin is the individual
registered auditor and member of the aforegoing firm who undertakes
the audit;
� considered and approved the audit fee payable to the external auditors
in respect of the audit for the year ended 30 June 2010 ahead of the
annual audit as well as their terms of engagement, taking into
consideration factors such as the timing of the audit, the extent of
work required and the scope of the audit;
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REPORT OF THE AUDIT COMMITTEE
for the year ended 30 June 2010
� ensured and satisfied itself that the appointment of the external
auditors, the designated auditor and IFRS advisor are in compliance
with the Companies Act, The Auditing Profession Act, 2005 and the
Listings Requirements of the JSE Limited; and
� considered and pre-approved non-audit services provided by the external
auditors and fees relative thereto in terms of a policy established in
conjunction with the external auditors in terms of which the nature and
extent of all non-audit services provided by the external auditors are
reviewed and approved in advance, ensuring that the independence of
the external auditors is not compromised.
The committee has also considered and satisfied itself of the appropriateness
of the expertise and experience of the chief financial officer, Mr RP Becker,
and the finance function, including the annual financial statements and
related accounting practises, the effectiveness of the internal financial
control and has recommended the annual report for approval by the board.
The committee, having overseen the preparation of the integrated report,
has satisfied itself with the integrity of the report.
GR Rosenthal
Chairman
Sun International Limited audit committee
22 October 2010