Phuthuma Nathi audit committee report for the year ended 31 March 2023 As the company’s major asset is an investment in MultiChoice SA Holdings Proprietary Limited (MCSAH), 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 section 94 of the South African Companies Act No 71 of 2008 (“the Act”). Responsibilities The committee has adopted formal terms of reference, delegated by the board of directors, as set out in its charter. The committee has discharged its responsibilities in terms of its charter and ascribed to it in terms of the Act as follows: Financial controls • Review and approve for presentation to and approval by the board, the company’s integrated annual report and annual nancial statements. These reviews included: – Taking appropriate steps to ensure the annual nancial statements were prepared in accordance with International Financial Reporting Standards (IFRS) and in the manner required by the Act – Considering and, when appropriate, making recommendations on internal nancial controls – Reviewing, where applicable, key audit matters raised by the external auditor and management’s response thereto – Compiling a report to be inserted in the annual nancial statements, describing how the audit committee carried out its functions – Disclosing in the integrated annual report signi cant matters that the audit committee has considered in relation to the annual nancial statements, and how these were addressed by management – Reviewing the ability of the company to continue as a going concern, including an analysis of the group’s liquidity and solvency, and recommend it to the board for approval – Reviewing and recommending to the board the dividend for the year, should the liquidity and solvency test be adequately met External auditor • Receive all audit reports directly from the external auditor • Annually review the external auditor’s performance and disclose the committee’s views on the quality of the external audit, with reference to audit quality indicators such as those that may be included in inspection reports issued by external audit regulators • Present the committee’s conclusions on the external auditor to the board, preceding the annual request to shareholders to approve the appointment of the external auditor • Approve the external auditor’s terms of engagement and remuneration • Evaluate and provide commentary on the external auditor’s audit plans, scope of ndings, identi ed issues and reports • Develop a policy for the board to approve non-audit services performed by the external auditor • Approve non-audit services provided by the external auditor in accordance with this policy. Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 17 Overview Introduction Understanding Phuthuma Nathi Understanding MultiChoice SA MultiChoice SA performance Financial review Corporate governance review Shareholder information
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