AUDIT COMMITTEES’ REPORT (continued) • Confirmed that no reportable irregularities had been identified or reported by the independent auditors under the Auditing Profession Act. • Ensured no limitations were imposed on the scope of the external audit. • Determined the nature and extent of non-audit services that the external auditors may provide and pre-approved any such services. • Maintained oversight over fraud and corruption risk management and established a protocol for confidential reporting. • Considered whether there were any concerns or complaints whether from within or outside the PPS Group relating to the accounting practices and internal audit of the PPS Group, the content or auditing of the PPS Group’s financial statements, the internal financial controls of the PPS Group or any related matter. • Made submissions to the Boards on matters concerning the PPS Group’s accounting policies, financial control, records and reporting. Implementation of IFRS 17 ‘Insurance contracts’ IFRS 17: ‘Insurance Contracts’ is a new accounting standard impacting long- and short-term insurers, with an effective date of 1 January 2023. PPS, at a group level, has a formalised implementation project governed by an IFRS 17 steering committee. There is governance oversight and reporting on the status of the project at every Group Audit Committee meeting. This implementation project is resourced with both internal and external specialists and is on track for implementation. External auditors EY served as the PPS Group’s external auditors for the 2022 financial year. The auditors’ terms of engagement were approved prior to the audit. The Committees satisfied themselves that the external auditors’ appointment complies with the Companies Act and in particular Section 90(2) thereof, as well as the Auditing Profession Act. The Committees are satisfied that both EY and the audit partner are independent. The external auditors provided assurance that their internal governance processes within their audit firm support and demonstrate their claim to independence. The GAC was comfortable that the non-audit services work was justified and necessary and that it did not give rise to any self-review threat for the external auditors. Auditor appointment in terms of mandatory audit firm rotation (MAFR) Pursuant to the requirement for the rotation of the external auditor in terms of MAFR, EY was appointed as the external auditor in place of PricewaterhouseCoopers Inc (PwC) with effect from 1 January 2022. The appointment of EY was duly approved at the 9 May 2022 PPS Holdings Trust annual general meeting and at the respective annual general meetings of the subsidiaries of PPS Holdings Trust. Expertise and experience of the Group Chief Financial Officer and the finance team The Committees are satisfied that the expertise and experience of the Group Chief Financial Officer are appropriate to meet the responsibilities of the position. The Committees considered the expertise, resources and experience of the PPS Group’s finance function and concluded that these are appropriate to meet the requirements of the PPS Group. 94 Audit committees’ report
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