Report of the Independent Auditors
to the members of The Tongaat-Hulett Group Limited
Report on the Financial Statements
We have audited the annual financial statements and the
consolidated annual financial statements of Tongaat Hulett
Limited which comprise the directors’ report, the balance
sheet as at 31 December 2007, the income statement, the statement of changes in equity and cash flow statement for
the year then ended, a summary of significant accounting
policies and other explanatory notes, as set out here and here.
Directors’ Responsibility for the Financial Statements
The company’s directors are responsible for the preparation
and fair presentation of these financial statements in
accordance with International Financial Reporting Standards
and in the manner required by the Companies Act of South
Africa. This responsibility includes: designing, implementing
and maintaining internal control relevant to the preparation
and fair presentation of financial statements that are free
from material misstatement, whether due to fraud or
error; selecting and applying appropriate accounting
policies; and making accounting estimates that are
reasonable in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion on these
financial statements based on our audit. We conducted
our audit in accordance with International Standards on
Auditing. Those standards require that we comply with
ethical requirements and plan and perform the audit to
obtain reasonable assurance whether the financial
statements are free from material misstatement. An
audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the
auditor’s judgement, including the assessment of
the risks of material misstatement of the financial
statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of
the financial statements in order to design audit procedures
that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of
the entity’s internal control.
An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of
accounting estimates made by the directors, as well as
evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for
our audit opinion.
Opinion
In our opinion the financial statements present fairly, in all
material respects, the financial position and consolidated
financial position of Tongaat Hulett Limited as at
31 December 2007 and its financial performance and
its cash flows for the year then ended in accordance with
International Financial Reporting Standards, and in the
manner required by the Companies Act of South Africa.
Deloitte & Touche
Audit KZN
Registered Auditors
Per JAR Welch
Partner
21 February 2008
2 Pencarrow Crescent
La Lucia Ridge Office Estate
Durban
National Executive: GG Gelink – Chief Executive, AE Swiegers – Chief Operating Officer, GM Pinnock – Audit,
DL Kennedy – Tax, L Geeringh – Consulting, L Bam – Strategy, CR Beukman – Finance, TJ Brown – Clients & Markets,
NT Mtoba – Chairman of the Board.
Regional Leader: G Brazier
A full list of partners and directors is available on request.
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