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• Ensured no limitations were imposed on the scope of the external audit
• Determined the nature and extent of non-audit services that the external auditors may provide and pre-approved
any such services
• Maintained oversight over fraud and corruption risk management and established a protocol for confidential
reporting
• Considered whether there were any concerns or complaints whether from within or outside the PPS Group
relating to the accounting practices and internal audit of the PPS Group, the content or auditing of the PPS
Group’s financial statements, the internal financial controls of the PPS Group or any related matter
• Made submissions to the Boards on matters concerning the PPS Group’s accounting policies, financial control,
records and reporting.
EXTERNAL AUDITORS
PwC served as the PPS Group’s external auditors for the 2018 financial year. The auditors’ terms of engagement
were approved prior to the audit. The Committees satisfied themselves that the external auditors’ appointment
complies with the Companies Act and in particular Section 90(2) thereof, as well as the Auditing Profession Act.
The Committees are satisfied that both PwC and the audit partner are independent. The external auditors provided
assurance that their internal governance processes within their audit firm support and demonstrate their claim
to independence.
The GAC was comfortable that non-audit services work was justified and necessary and that it did not give rise
to any self-review threat for the external auditors.
EXPERTISE AND EXPERIENCE OF THE FINANCIAL DIRECTOR AND THE
FINANCE TEAM
The Committees are satisfied that the expertise and experience of the Chief Financial Officer are appropriate to
meet the responsibilities of the position.
The Committees considered the expertise, resources and experience of the PPS Group’s finance function and
concluded that these are appropriate to meet the requirements of the PPS Group.
APPROVAL OF THE REPORT
The TAC and GAC confirm for the 2018 financial year that they have functioned in accordance with their Terms
of Reference and as required by the Companies Act and Trust Deed of PPS Holdings Trust and that their reports
have been approved by the directors and trustees.
On behalf of the Audit Committees:
Ms D L T Dondur
Prof H E Wainer
Chairman of TAC
Chairman of GAC
2 April 2019
2 April 2019