Page 28 - SABN AR 2021

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South African Bank Note Company (RF) Proprietary Limited
Statement of responsibility
The Board places strong emphasis on achieving the highest level of financial management, accounting and reporting standards to its shareholder, and is committed to complying with IFRS. The directors are responsible for preparing annual financial statements in a manner that fairly presents the financial position and results of operations.
The directors considered that, in preparing the financial statements, management consistently used the most appropriate accounting policies and that all IFRS statements that they considered to be applicable were followed. The directors are satisfied that the information contained in the financial statements fairly presents the results of operations for the year under review and the financial position of the SABN at year-end. The directors accept responsibility for all information included in the SABN Annual Report for the year ended 31 March 2021.
The directors have a responsibility to ensure that proper accounting records are kept. The accounting records disclose, with reasonable accuracy, the financial position of the SABN, which enables the directors to ensure that the financial statements comply with relevant legislation.
The Board relies on reviews conducted regularly by the internal and external auditors. This incorporates risk management and internal control procedures that are designed to provide reasonable assurance that assets are safeguarded, and that the risks faced by the business are being monitored and addressed. The SABN’s management ensures that matters raised by the internal and external auditors are resolved.
Going concern
The directors have reviewed the SABN’s budget and cash flow forecast for the year ending 31 March 2022. On the basis of this review, and in light of the current financial position, the directors are satisfied that the SABN is a going concern, and have continued to adopt the going-concern basis for the preparation of these financial statements.
M Pillay
Chairperson of the Board 20 May 2021
L L Mda Managing Director 20 May 2021
Annual Report 2021
Statement of responsibility