Annual Financial Statements for the year ended 30 June 2021 0 - Book - Page 12
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SASOL LIMITED GROUP
Report of the Audit Committee continued
The Committee assessed the adequacy of the
performance of the internal audit function and the
adequacy of the available internal audit resources
and found them to be satisfactory
Conclusion
• The Committee reviewed the assurance services charter
and approved the risk-based integrated internal audit plan.
We evaluated the independence, effectiveness, skills and
experience and performance of the internal audit function
and compliance with its charter and the Committee concluded
these to be satisfactory.
Having had regard to all material risks and factors that may impact
on the integrity of the annual financial statements and following
appropriate review, the Committee recommended the Company
and Group annual financial statements of Sasol Limited for the
year ended 30 June 2021 for approval to the Board.
• The Committee is satisfied with the effectiveness of the
Chief Assurance Officer.
The Committee is satisfied that it has fulfilled its responsibilities in
accordance with its terms of reference, as well as its statutory and
other responsibilities for the 2021 financial year.
On behalf of the Audit Committee
The Committee assessed the Company’s internal
controls over financial reporting as of 30 June 2021.
• The Committee gave attention to management’s evaluation
of the effectiveness of the Group’s disclosure controls and
procedures. Other than the material weaknesses noted
below, Sasol has designed such internal controls over
financial reporting to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with
International Financial Reporting Standards.
Colin Beggs
Chairman of the Audit Committee
16 August 2021
• The Committee considered the reports of the internal and
external auditors on the Group’s systems of internal control,
including financial controls, enterprise risk management and
maintenance of effective internal control systems. Significant
issues raised and the adequacy of corrective action in response
thereto, was reviewed.
• The Committee reviewed the plans and outputs of the internal
and external auditors and concluded that these were adequate
to address all significant financial risks facing the business.
Relating to the Group as a whole:
• Management has determined that the Company’s internal
control over financial reporting was ineffective due to
remediation still being in progress on the material weakness
identified in the South African integrated value chain
impairment process. A material weakness is a deficiency, or
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of financial statements will not be
prevented or detected on a timely basis. The material weakness
will not be considered remediated until the applicable remedial
controls are embedded and operate for a sufficient period of
time and management has concluded, through testing, that
these controls are operating effectively.
Notwithstanding the material weakness, the Committee believes
that the consolidated annual financial statements present fairly,
in all material respects, the Company’s and Group’s financial
position, results of operations and cash flows as of and for the
periods presented in accordance with International Financial
Reporting Standards (IFRS), as issued by the International
Accounting Standards Board (IASB).
The Committee assessed the finance function and
Chief Financial Officer
• Our detailed assessment included the various specialist areas
across the Group’s finance function, and the Committee
concluded that it is satisfied with the appropriateness of the
expertise and experience of the Chief Financial Officer and
the expertise, resources, succession plans and experience of
Sasol’s finance function.
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Sasol Annual Financial Statements 2021