Page 64 - CON Boardpack July 20200708 Final_Neat

ANNUAL FINANCIAL STATEMENTS (AFS): PROCEDURES (2019/20)

1 Oct / Nov SAPPO informs the Accountants of the following in writing:

• Date on which the first draft management accounts should be made
available to SAPPO;
• Date of Audit & Risk Committee meeting where the first draft (or a later
draft) of the management accounts would be discussed; and
• Date on which external audit is envisaged to commence.

2 Oct / Nov SAPPO informs the External Auditors annually in writing of the:

• Decision of the previous Annual General Meeting regarding their
appointment
• Date of the Audit & Risk Committee meeting where they need to
present their engagement letter, audit plan, fee budget;
• Date on which the first draft annual financial statements (AFS) were
expected to be made available to the Office;
•
Date of the Audit & Risk Committee meeting where they need to
present their management report, audit opinion and final audit fee;
• Date on which the final AFS would be considered by the Audit & Risk
Committee for recommendation to the Board for approval;
• Date of the Annual General Meeting (AGM) where the AFS
(recommended by the Board) and including an audit report, would be
considered for final approval.
3 May The CEO and Chairman: Audit & Risk Committee receives the first draft AFS
and discuss the draft with the auditors by no later than May. Further
discussions and further drafts will follow as required.

4 June Exco is copied with the final draft prior to submitting same to the External
Auditors for auditing.

5 June The CEO informs the External Auditors that the draft (unsigned) AFS are
available for auditing.

6 June The External Auditor should have finalized the external audit.

11 June Audit & Risk Committee considers the draft (unsigned) AFS with the purpose
to make a recommendation to the Executive Board (the Board).

15 July The Board considers the draft AFS to be recommended for submission to the
Annual General Meeting.

9 Aug The CEO submits the AFS as approved by the Board, to the External Auditors.

10 Aug The External Auditors provide the Office with a signed Auditors Report.

11 Aug The CEO circulates the approved AFS (with the Auditors report) to the
National Council.

12 Sept The Board, at the AGM, presents the final draft AFS to the Members for
approval. The External Auditor leads the presentation of the AFS.

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