PPS Integrated Report 2021 129 | Audit Committees’ Report Specialist consultant: Dr C E Rabin, D Phil, CA(SA), specialist consultant to the GAC since 2011, formerly a member of the GAC from 2005 to 2011. Meetings held during the year and attendance thereat: Group Audit Committee 3 Mar 2021 25 May 2021 2 Sep 2021 15 Nov 2021 Prof H E Wainer (Chairman) P P P P Ms D L T Dondur P P P P Dr D P du Plessis P P P P Mr C Erasmus P P P P Mr P Ranchod P P P P Dr J A van der Merwe P P P P Dr C E Rabin* P P P P *ConsultantNote:Ad hoc committee meetings: In addition to the above meetings, the following combined ad-hoc committee meetings of the members of the GAC and TAC were held on 30 June, 2 September and 5 November 2021 in regard to Mandatory Audit Firm Rotation. The GAC comprises of six Non-Executive PPS Insurance Directors, all of whom are independent. Dr Rabin, who is not a member of the PPS Insurance Board, and was formerly a member of the GAC, was appointed as a specialist consultant to the GAC pursuant to the requirement of the Companies Act, 2008, that all members of the GAC have to be Board members. Three of the members of the GAC and the specialist consultant are Chartered Accountants. The remaining members of the GAC are an actuary, a risk management specialist and a Chartered Director, respectively. The Boards are satisfied that the members of these Committees have sufficient recent and relevant financial experience to enable them to carry out their duties and responsibilities and that the members of the Committees bring a wide range of relevant experience and expertise. The GAC meets at least four times a year, while the TAC is scheduled to meet at least twice a year. The Chairmen of the Group Risk Committee and the Group Actuarial Committee are also members of the GAC. The Head of the Actuarial Function and Statutory Actuary, the Executive: Actuarial Services, the external auditors, the Head of the Internal Audit Function, the Head of the Risk Management Function and other relevant role players are present at each meeting of the GAC. The external auditors are present at each meeting of the TAC. The GAC has an oversight role in regard to the Risk and Audit Committees of PPS Investments and PPS Short-Term Insurance, which report to the GAC at its quarterly committee meetings. The TAC and GAC meet both the external and internal auditors separately in private sessions, without executive management being present. The Group Chief Executive and the Group Chief Financial Officer, along with other members of senior management, attend Committee meetings, as necessary, at the invitation of the Chairmen of the Committees. The PPS Group’s policy on non-audit services, which is reviewed annually by the Committees, sets out what services may be provided to PPS by the external auditors. All non-audit services are pre-approved by the GAC. The Committees conduct a formal external auditor evaluation process. This evaluation occurs annually and includes various criteria and standards such as independence, audit planning, technical abilities, audit process/outputs and quality control, business insight and general factors (such as black economic empowerment credentials). The Committees keep abreast of current and emerging trends in international accounting standards. Both committees have satisfied themselves: ~as to the effectiveness of the PPS Group’s system of financial controls; ~that the financial statements of PPS Holdings Trust, PPS Insurance and its subsidiaries have been prepared in accordance with IFRS and the requirements of the Companies Act, 2008; and ~that the external auditor is independent of PPS Holdings Trust, PPS Insurance and its subsidiaries.
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