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TO THE MEMBERS OF INVICTA HOLDINGS LIMITED
Report on the annual financial statements
We have audited the Group annual financial statements and annual
financial statements of Invicta Holdings Limited, which comprise the
audit committee’s report on page 29, the consolidated and Company
statements of financial position as at 31 March 2010, and the
consolidated and Company statements of comprehensive income, changes in
equity and cash flows for the year then ended, and a summary of
significant accounting policies and other explanatory
notes, and the
directors’ report, as set out on pages 37 to 79.
Directors’ responsibility for the financial statements
The Company’s directors are responsible for the preparation and
fair presentation of these financial statements in accordance with
International Financial Reporting Standards and in the manner required
by the Companies Act of South Africa. This responsibility includes:
designing, implementing and maintaining internal control relevant to the
preparation and fair presentation of financial statements that are free
from material misstatement, whether due to fraud or error; selecting and
applying appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances.
Auditors’ responsibility
Our responsibility is to express an opinion on these 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 whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers
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internal
control relevant to the entity’s preparation and fair presentation of
the 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
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
financial statements present fairly, in all material respects, the
consolidated and Company financial position of Invicta Holdings Limited
as at 31 March 2010, and its consolidated and Company financial
performance and cash flows for the year then ended in accordance with
International Financial Reporting Standards and in the manner required
by the Companies Act of South Africa.
Deloitte & Touche
Registered Auditors
Per SBF
Carter
Partner
25 May 2010
Buildings 1 and 2, Deloitte
Place, The Woodlands, Woodlands Drive, Woodmead, Sandton
National executive: GG Gelink (Chief Executive), AE Swiegers
(Chief Operating Officer), GM Pinnock (Audit), DL Kennedy (Tax & Legal
and Risk Advisory), L Geeringh (Consulting), L Bam (Corporate Finance),
CR Beukman (Finance), TJ Brown (Clients & Markets), NT Mtoba (Chairman
of the Board) and CR Qually (Deputy Chairman of the Board)
A full
list of partners and directors is available on request. |
