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| DIRECTORS' RESPONSIBILITY AND APPROVAL OF ANNUAL FINANCIAL
STATEMENTS |
| To the members of South African Eagle Insurance Company
Limited |
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| It is the Directors' responsibility to ensure that
the financial statements fairly present the state of affairs of the Company
and the Group. The external auditors are responsible for independently
reviewing and reporting on the financial statements. |
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| The financial statements set out in this report have
been prepared by management in accordance with South African Statements
of Generally Accepted Accounting Practice. They are based on appropriate
accounting policies which have been consistently applied and which are
supported by reasonable and prudent judgements and estimates. |
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| The Company's internal controls and systems are designed
to provide reasonable assurance as to the integrity and reliability of
the financial statements and to adequately safeguard, verify and maintain
accountability of its assets. Such controls are based on established written
policies and procedures which are monitored through the Company and all
employees are required to maintain the highest ethical standards in ensuring
that the Company's business practices are conducted in a manner which
in all reasonable circumstances is above reproach. |
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| The Audit Committee, which has been operating for a
number of years and which comprises Non-Executive Directors, meets periodically
with management and both the internal and external auditors to review
the financial statements, accounting policies and the systems and procedures
in respect of the production of management information, business risk
management and internal controls. Nothing has come to the attention of
the Directors to indicate that any material breakdown in the functioning
of these controls, systems and procedures has occurred during the year
under review. |
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| In the light of the current financial position, the
Directors are satisfied that South African Eagle Insurance Company Limited
is a going concern and have continued to adopt the going concern basis
in preparing the financial statements. The Group's external auditors,
PricewaterhouseCoopers, have audited the financial statements and their
unqualified report appears on this website. This statement concurs with
the Directors' statements on internal financial controls and going concern. |
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| The Company and Group annual financial
statements which are set out on this website were, in accordance with
their responsibilities, approved by the Board of Directors on 24th March
2003 and are signed on its behalf by: |
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| PHP O'SULLIVAN |
NV BEYERS |
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| Chairman |
Managing Director |
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| Johannesburg, 24 March 2003 |
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