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Report of the audit committee

for the year ended 31 March 2015

As the company’s only asset is an investment in Media24 Holdings Proprietary Limited, the board deems it appropriate that all its members be appointed to the audit committee. The audit committee has pleasure in submitting this report, as required by sections 94(7)(a) of the Companies Act (“the Act”).

Functions of the audit committee

The audit committee has discharged the functions ascribed to it in terms of the Act as follows:

Block Reviewed the annual financial statements, culminating in a recommendation to the board to adopt them. In the course of its review, the committee:
Block took appropriate steps to ensure that the annual financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and in the manner required by the Companies Act of South Africa
Block considered and, when appropriate, made recommendations on internal financial controls
Block dealt with concerns or complaints relating to accounting policies, internal audit, the auditing or content of annual financial statements, and internal financial controls, and
Block reviewed legal matters that could have a significant impact on the organisation’s financial statements.
Block Reviewed the external audit reports on the annual financial statements.
Block Verified the independence of the external auditor, nominated PricewaterhouseCoopers Inc. as the auditor for 2015/2016 and noted the appointment of Mr R Jacobs as the designated auditor.
Block Approved the audit fees and engagement terms of the external auditor.
Block No non-audit services have been provided by the external auditor.

Members of the audit committee

The audit committee consists of the non-executive directors of the company. All the members act independently as described in section 94 of the Act.

Attendance

The external auditor, in his capacity as auditor to the company, attended and reported at the meeting of the audit committee.

Independence of external auditor

During the year under review the board and audit committee conducted its own review and confirmed the independence of the external auditor.

On behalf of the audit committee of the board

R C C Jafta
Chair: Audit committee

19 June 2015