The directors are responsible for the integrity of the
financial statements and related information included in
this annual report.
For 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 Group Audit Committee,
the Nedcor and Nedbank Risk Committees and other risk-monitoring
committees and 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 groups
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 group internal audit function
conducts operational, financial and specific audits and coordinates
audit coverage with the external auditors.
The external auditors are responsible for reporting on
the financial statements.
The financial statements are prepared, in all material
respects, in accordance with South African Statements of
Generally Accepted Accounting Practice and incorporate responsible
disclosures in line with the accounting philosophy of the
group. The financial statements are based on appropriate
accounting policies consistently applied, except as otherwise
stated and supported by reasonable and prudent judgements
and estimates. The directors believe that the group will
be a going concern in the year ahead. For this reason they
continue to adopt the going-concern basis in preparing the
group annual financial statements.
These financial statements set out in this report and
the Remuneration report have been approved
by the board of directors and are signed on its behalf by:
|17 March 2005