Adcock Ingram Integrated Report 2018

ANNUAL FINANCIAL STATEMENTS 66 ADCOCK INGRAM  Integrated Report 2018 TECHNOLOGY AND INFORMATION GOVERNANCE The Committee and the Board recognise the advances and economic value of technology and that failure to maintain the Group’s accounting and administrative IT applications, is potentially disruptive and a significant operational risk. Accordingly, technology and information systems form an essential part of the Group’s strategic and business processes and is intentionally managed by an Information Technology Executive team. A key focus during the current reporting period included enhancements to the IT application and cyber security environment, completion of Phase 1 of the Quality Assurance management system and the integration of Virtual Logistics Proprietary Limited. The Committee in also mindful of King IV’s emphasis on IT matters, with nominative reference to periodic assessments, independent assurances and cybersecurity. COMBINED ASSURANCE The Committee, in conjunction with the Board Risk and Sustainability Committee, have formulated a broad risk matrix for appropriate risk assessment and deduction. All risks are ranked and rated by category and importance. Internal Audit substantially coordinates this discipline in parallel with its internal audit function, the assessment and management of the more material risks being reported on where relevant and appropriate in each case. The aim is to provide management, the Committee and the Board with a clear understanding of all business risks, how each are managed, controlled and/or mitigated and the consequences and cogency of such actions. The Committee can confirm that it has satisfied itself that the combined assurance model is effective and sufficiently robust for the Board to be able to place reliance on it. COMPLIANCE The Committee is obliged to report any material breach of a relevant legal and/or regulatory requirement in the conduct of the Group enterprise. No evidence or indication of any such breach or material non-compliance has been brought to the attention of the Committee by either the internal or external auditors or any other party. CONCLUSION The Committee is satisfied that it has complied with all its legal, regulatory and other responsibilities for the year under review. Following our review of the annual financial statements for the year ended 30 June 2018, we are of the opinion that, in all material respects, they comply with the relevant provisions of the Companies Act and International Financial Reporting Standards, and present fairly the results of operations, cash flows and the financial position of the Company and the Group. The Committee therefore recommended the consolidated and separate annual financial statements of Adcock Ingram Holdings Limited for approval to the Board of directors. At the forthcoming Annual General Meeting the annual financial statements will be presented to shareholders. On behalf of the Committee J John Chairperson 28 August 2018 Audit Committee report continued