Assurance

The Assore group subscribes to a combined assurance model, which is intended to identify and control risks inherent in the business of the group by making use of assurance providers, both third party and in-house, in conjunction with Assmang’s Risk Management department (referred to as internal management). Assurance is addressed across the areas of Safety, Health, Risk, Environment, Quality (collectively referred to as SHREQ) and corporate governance.

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Assurance providers are as follows:

Area Provider Standard(s) and comment
Assore Assmang
Safety and health Various professional consultants Internal management and Sustainability Services CC (Sustainability Services) Per provider and the Department of Mineral Resources (DMR). Limited assurance for Assore is provided in the form of bi-annual audits on legal compliance. Assmang has received independent assurance on specified elements of safety and health from Sustainability Services
Risk Sizwe Ntsaluba Gobodo KPMG COSO framework
Environment  Umhlaba Environmental Consulting CC, TUV Rheinland Inspection Services Proprietary Limited (TUV Rheinland) and Gilden Assurance Proprietary Limited (Gilden) Gilden ISO 14001 (2004). Limited assurance for Assore is provided in the form of bi-annual audits on legal compliance by various professional consultants and certification by TUV Rheinland. Assmang has received independent assurance on specified elements of safety, health and sustainability indicators from Gilden
Quality TUV Rheinland Internal management ISO 9001 (2008). Limited assurance for Assore is provided in the form of certification by TUV Rheinland
Corporate governance Institute of Directors (IoD) The Governance Assessment Instrument (GAI) is independently maintained by the IoD and measures the extent of compliance with the King Code on Corporate Governance, based on the relevant information submitted by its subscribers

 

Assurance pertaining to financial controls and reporting is achieved by conducting extensive internal auditing across the Assore group by Sizwe Ntsaluba Gobodo, which reports to Assore’s Audit and Risk Committee on its findings, while in Assmang, KPMG as internal auditor of all its divisions, reports related findings to Assmang’s Audit Committee. These Audit and Risk committees, supported by their respective Social and Ethics committees, ensure close working relationships between external audit and internal audit, to ensure that the assurance provided by Ernst & Young Inc., for both Assmang and the Assore group, on their respective financial statements, provides reasonable assurance for the relevant external audit opinions.