Report of the audit committee


for the year ended 30 June 2015
FINANCIAL STATEMENTS

The audit committee has pleasure in submitting its report, as required by section 94(7)(f) of the Companies Act, for the period under review.

The committee is governed by a formal charter that codifies its role and responsibilities, including the responsibility for reviewing accounting, auditing and financial reporting matters. The committee reviews adherence to Hyprop’s systems of internal controls and, where necessary, monitors improvements.

Members

All members of the audit committee are independent non-executive directors, in compliance with the South African Companies Act and as recommended by King III. The external and internal auditors and executive management are invited to attend every meeting.

Functions

During the period, the audit committee:

Considered any proposed changes to accounting policies
Advised the board on any accounting implications of major transactions
Reviewed the scope of work and reports of the internal audit function
Recommended the appointment of external auditors for approval by shareholders
Established guidelines for recommending the use of external auditors for non-audit services, to maintain independence
Monitored compliance with REIT requirements, in accordance with the JSE Listings Requirements and confirmed that the risk management policy has been complied with in all material respects.

The audit committee is satisfied:

With the independence of the external auditor, Grant Thornton, after considering the report to the audit committee motivating its independence and has ecommended its reappointment at the forthcoming annual general meeting
With the terms, nature, scope and proposed fee of the external auditor for the year ended 30 June 2015
With the financial statements and accounting practices used in their preparation and will recommend the integrated report, including the financial statements, to the board for approval
With the company’s continuing viability as a going concern, which it has reported on to the board for the board’s deliberation
That the company’s financial director, Laurence Cohen, had the necessary expertise and experience to carry out his duties, as required by paragraph 3.84(h) of the JSE Listings Requirements

All concerns and complaints received from within or outside the group relating to accounting practices and internal financial controls, and the content or auditing of the company’s financial statements, were considered by the audit committee and dealt with as appropriate.

Lindie Engelbrecht
Audit committee chairman

31 August 2015

 
REGISTERED OFFICE AND BUSINESS ADDRESS

Registration number: 1987/005284/06
2nd Floor, Cradock Heights, 21 Cradock
Avenue, Rosebank, 2196
PO Box 52509, Saxonwold, 2132
Tel: +27 11 447 0090
Fax: +27 11 447 0092
Website: www.hyprop.co.za

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