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Independent Auditor’s Report

RCS GROUP CONSOLIDATED FINANCIAL STATEMENTS

2015

06

Report on the Financial Statements

We have audited the consolidated financial statements of RCS

Investment Holdings Limited, which comprise the consolidated

statement of financial position as at 31 December 2015, and the

consolidated income statement, the consolidated statements of

comprehensive income, changes in equity and cash flows for

the period then ended, and the accounting policies and notes to

the financial statements, as set out on pages 15 to 52.

Directors’ Responsibility for the

Financial Statements

The company’s directors are responsible for the preparation

and fair presentation of these consolidated financial statements

in accordance with International Financial Reporting Standards

and the requirements of the Companies Act of South Africa, and

for such internal control as the directors determine is necessary

to enable the preparation of consolidated financial statements

that are free from material misstatements, whether due to fraud

or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these consolidated

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

about whether the consolidated financial statements are free

from material misstatement.

An audit involves performing procedures to obtain audit

evidence about the amounts and disclosures in the consolidated

financial statements. The procedures selected depend on the

auditor’s judgement, including the assessment of the risks of

material misstatement of the consolidated 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 consolidated 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 management, as well as evaluating the

overall presentation of the consolidated 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 consolidated financial statements present

fairly, in all material respects, the consolidated financial position

of RCS Investment Holdings Limited as at 31 December 2015, and

its consolidated financial performance and its consolidated cash

flows for the period then ended in accordance with International

Financial Reporting Standards, and the requirements of the

Companies Act of South Africa.

Other Reports Required by the

Companies Act

As part of our audit of the consolidated financial statements

for the period ended 31 December 2015, we have read the

Directors’ Report, Audit committee Report and Company

Secretary Statement for the purpose of identifying whether

there are material inconsistencies between these reports and

the audited consolidated financial statements. These reports are

the responsibility of the respective preparers. Based on reading

the reports we have not identified material inconsistencies

between these reports and the audited consolidated financial

statements. However, we have not audited these reports and

accordingly do not express an opinion on these reports.

To the shareholder of RCS Investment Holdings Limited: