Integrated Report 2018

PPS

INTEGRATED REPORT 2018

TO THE TRUSTEES OF THE PROFESSIONAL PROVIDENT SOCIETY

HOLDINGS TRUST

REPORT ON THE AUDIT OF THE CONSOLIDATED AND SEPARATE

FINANCIAL STATEMENTS

OUR OPINION

In our opinion, the consolidated and separate financial statements present fairly, in all material respects, the

consolidated and separate financial position of The Professional Provident Society Holdings Trust (the Trust) and

its subsidiaries (the Group) as at 31 December 2018, and its consolidated and separate financial performance

and consolidated and separate cash flows for the year then ended in accordance with International Financial

Reporting Standards and the requirements of the Trust Deed.

WHAT WE HAVE AUDITED

The Professional Provident Society Holdings Trust’s consolidated and separate financial statements set out on

pages 96 to 184 comprise:

• The Consolidated and Separate Statements of Financial Position as at 31 December 2018;

• The Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income for the year

then ended;

• The Consolidated and Separate Statements of Changes in Equity for the year then ended;

• The Consolidated and Separate Statements of Cash Flows for the year then ended; and

• The Notes to the Consolidated Financial Statements and Separate Financial Statements, which include a

summary of significant accounting policies.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under

those standards are further described in the Auditor’s responsibilities for the audit of the financial statements

section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

INDEPENDENCE

We are independent of the Trust in accordance with the Independent Regulatory Board for Auditors Code of

Professional Conduct for Registered Auditors (IRBA Code) and other independence requirements applicable

to performing audits of financial statements in South Africa. We have fulfilled our other ethical responsibilities

in accordance with the IRBA Code and in accordance with other ethical requirements applicable to performing

audits in South Africa. The IRBA Code is consistent with the International Ethics Standards Board for Accountants

Code of Ethics for Professional Accountants (Parts A and B).

INDEPENDENT

AUDITOR’S REPORT