PricewaterhouseCoopers

http://www.pwc.co.za

PricewaterhouseCoopers is our appointed firm of auditors.

In terms of the Collective Investment Schemes Control Act (CISCA), Ci must ensure that the records and annual financial statements of the company and the collective investment scheme are audited not later than three months after the financial year end of Ci, being 30 June of each year, by an auditor who has been appointed by Ci and whose appointment as the auditor has been approved by the Financial Services Board.

The auditor's responsibility is to express an opinion on these financial statements based on their audit.  The audit is conducted in accordance with International Standards on Auditing.  Those standards require that the auditor plans and performs the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

CISCA stipulates that the auditor has a duty to disclose irregularity or undesirable practice. They must report to Ci any irregularity or undesirable practice in the administration of the collective investment scheme which has come to their notice in the ordinary course of fulfilling their audit responsibilities or performing other functions in terms of CISCA and they must submit a copy of this report to the Registrar of Collective Investment Schemes if there is reasonable cause to believe that such report is or might be of material significance to the Registrar.

The section of CISCA dealing with this reporting requirement refers to a report being of material significance to the Registrar if it deals with a matter which, because of its nature or potential financial impact, has caused or is likely to cause financial loss to the scheme or any of its investors or creditors.