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| Directors' responsibility statement |
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The directors are responsible for the preparation of the annual financial
statements of the Company and the Group. The directors are also
responsible for maintaining a sound system of internal control to
safeguard shareholders' investments and the Group's assets.
In presenting the accompanying financial statements, International
Financial Reporting Standards with appropriate reconciliations to
accounting principles generally accepted in the United States of America
have been followed and applicable accounting policies have been used
incorporating prudent judgements and estimates.
The external auditors are responsible for independently auditing and reporting
on the annual financial statements.
In order for the directors to discharge their responsibilities, management
continues to develop and maintain a system of internal control aimed at
reducing the risk of error or loss in a cost-effective manner.
The internal controls include a risk-based system of internal auditing and
administrative controls designed to provide reasonable but not absolute
assurance that assets are safeguarded and that transactions are executed
and recorded in accordance with generally accepted business practices and
the Group's policies and procedures.
The directors, primarily through the Audit and Risk Management
Committee, which consists of non-executive directors, meet periodically with
the external and internal auditors, as well as executive management to
evaluate matters concerning accounting policies, internal controls, auditing
and financial reporting.
The directors are of the opinion, based on the information and explanations
given by management and internal audit, that the internal accounting controls
are adequate, so that the financial records may be relied on for preparing the
financial statements and maintaining accountability for assets and liabilities.
The directors are satisfied that the Company and the Group have adequate
resources to continue in operational existence for the foreseeable future.
Accordingly, Telkom SA Limited continues to adopt the going concern basis
in preparing the annual financial statements.
Against this background, the directors of the Company accept
responsibility for the annual financial statements, which were approved by
the Board of Directors on July 9, 2007 and are signed on their behalf by: |
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Shirley Lue Arnold
Chairman |
Reuben September
Acting Chief Executive Officer |
Kaushik Patel
Chief Financial Officer |
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Pretoria
July 9, 2007 |
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